Government Enforcement & Internal Investigations partner Philip Moustakis was quoted in a Private Funds CFO article titled, “SEC hammers mid-market firm on MNPI.”

The article focuses on a case involving a midsized private equity manager who consented to pay $4 million to settle U.S. Securities and Exchange Commission (SEC) accusations that its senior staffers were careless in sharing insider information with current and prospective investors.

“While not explicitly stated, based on the facts detailed in the order, it appears the SEC took issue with the fact that the manager often disclosed inside information for its own business purposes, not fund business, including to larger investors or to solicit new investors, even though all such disclosures were subject to non-disclosure agreements. The case is another reminder to managers to periodically review their MNPI policies and procedures to ensure they reflect their actual practices,” Philip stated.

Click here to read the full article.

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Philip Moustakis

(212) 574-1604
moustakis@sewkis.com

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