Denver-based alternative fund firm Equinox Fund Management
agreed to settle SEC charges that the firm overcharged management
fees and misled investors about how it valued certain assets. The
firm agreed to refund investors for approximately $5.4 million in
excessive management fees collected during a seven-year period,
plus $600,000 in prejudgment interest. Equinox also agreed to pay a
$400,000 penalty. An SEC investigation revealed that Equinox
calculated management fees contrary to the method described in
registration statements for a managed futures fund and the firm
also deviated from its disclosed valuation methodology for some of
the fund's holdings.
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