Conn. Advisory Firm Agrees to Pay $5M In Alleged Fraudulent Fund Valuation Scheme
Publisher: Bloomberg
July 2, 2015
Stan Twardy was mentioned in the article, “Conn. Advisory Firm Agrees to Pay $5M In Alleged Fraudulent Fund Valuation Scheme,” in Bloomberg. Twardy represented AlphaBridge Capital Management owner Thomas Kutzen in an almost $5 million settlement with the Securities and Exchange Commission (SEC). Kutzen and co-owner of the broker-dealer Michael Carino faced allegations that they fraudulently inflated the prices of securities in hedge fund portfolios they managed.
As part of the settlement, AlphaBridge and its owners agreed to return more than $4 million in disgorgement and nearly $1 million in penalties. They also agreed to close down the funds after the payments have been made. Carino consented to a three year bar from the securities industry and AlphaBridge and Kutzen agreed to be censured.
