In a plead to charge two private funds manager, the US Securities and Exchange Commission has filed charges against the managers who had raised more than $70 million to acquire and trade Facebook pre-IPO shares and other technology companies with misleading investors and even charging undisclosed fees.
The SEC has also brought charges against SharesPost, stating that it had engaged in securities transactions without being registered as a broker-dealer. “SharesPost engaged in a series of activities that constituted the business of effecting securities transactions and thus were required to register as a broker-dealer,” the commission said in a statement announcing the action. SharesPost agreed to pay fines of $80,000 and has since also acquired the proper broker-dealer licenses.
