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SEC Orders Atlanta Investment Firm To Pay $585,000

The SEC has ordered Atlanta, Georgia investment firm Timbervest to pay $585,000 in a long-running dispute regarding the sale of two tracts of timberland. The firm's CEO, Joel Shapiro, stated that it will continue to fight the SEC in federal court. The SEC started investigating Timbervest in 2010, and in September 2013 the SEC initiated an enforcement action that accused the firm of violating federal securities laws. The SEC alleges that in 2006 and 2007 Shapiro, Chief Investment Officer Walter William Anthony Boden III, Chief Operating Officer Dondald David Zell Jr., and President Gordon Jones II received over $1 million in unauthorized, undisclosed real estate commissions paid out of the pension plan assets of a large client. In August of last year, an SEC administrative law judge ruled that Timbervest had violated the Investment Advisers Act and ordered it to pay $1.9 million. Timbervest appealed, stating that the evidence did not support the finding of violations or the sanctions. In [...]

By |September 25th, 2015|Press Releases & News, SEC|
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SEC Charges Atlanta Firm With Fraud Over Public Pension Funds

The SEC filed fraud charges against an Atlanta-based investment firm and two of its executives for their handling of the city's pension funds for police, firefighters, transit workers, and other employees. According to the SEC, Gray Financial Group Inc. placed public pension funds into an investment that did not adhere to state law and collected over $1.7 as a result. The group, its and founder and president, Laurence Gray, and co-Chief Executive Officer Robert Hubbard IV allegedly breached their fiduciary duties by soliciting investments in an alternative fund called GrayCo Alternative Partners II LP. The group's attorney responded by stating that the "claims and arguments in the SEC's filing today are without merit." The SEC claims that the investments violate Georgia law because they did not have at least four other investors and did not have a minimum of $100 million in assets. Also, a Georgia public pension fund's investment is limited to no more than twenty percent of the [...]

By |May 22nd, 2015|Press Releases & News, SEC|
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