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within Intellectual Property, International Law, Food, Drugs, Healthcare and Life Sciences topic(s)
An investment adviser and its founder agreed to settle SEC charges for stealing
millions of dollars from a private fund.
According to the SEC Order, Dennis Gibb, the founder of
Sweetwater Investments, Inc. ("Sweetwater"), stole over
$3 million from Sweetwater Income Flood LP, a private fund that
Sweetwater managed. The SEC alleged that Mr. Gibb created and
distributed to investors false account statements and tax documents
which inflated assets. In addition, Mr. Gibb reported false amounts
of assets under management in Form ADV submitted to the SEC.
To settle the charges, Mr. Gibb and Sweetwater agreed to
disgorge over $1 million and to pay prejudgment interest of
approximately $20,000.
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