SEC recently made legal actions against West End Financial Advisors and Touradji Capital Management, according to a HFN report.
Kevin Kramer, 60 years old, is the former president and chief operating officer in West End Financial Advisors. He was accused by SEC for knowing, “or was reckless in not knowing that West End faced severe financial problems and that the West End funds were not performing as represented to investors.”
Previously Kramer was involved in a lawsuit in January that charged him with fraud with its former CEO William Landberg, who was charged Landberg with misusing client funds to cover his failed investment strategies.
West End is a New Yorkbased, unregistered hedge fund adviser to a collection of hedge funds.
Meanwhile, SEC charged Touradji Capital Management $1.3 million in penalty for its violations during October 2007 through July 2008. “Touradji Capital bought offered shares from an underwriter or broker or dealer participating in a follow-on public offering after having sold short the same security during the restricted period. These violations collectively resulted in profits of approximately $834,000.” according to the SEC release.
Touradji Capital is under Delaware law and is located in New York, New York. During the period, Touradji Capital managed three hedge funds: Touradji Global Resources Master Fund Ltd., Touradji Deeprock Master Fund Ltd. and Touradji Diversified Master Fund Ltd.