December 8, 2020

UK-based investment advisor BlueCrest Capital Management Limited has agreed to pay over $132 million in disgorgement and interest and over $37 million in penalties, for a total of $170 million, to settle charges of failing to make material disclosures, or making inadequate or misleading disclosures, to investors for more than four years.  The alleged securities law violations involved omissions and inadequate or misleading statements regarding the firm’s transfer of a majority of its highest-performing traders from its flagship client fund, BlueCrest Capital International (BCI), to a proprietary fund, BBSMA Limited, and replacing live traders with an underperforming algorithm while continuing to collect performance fees.  SEC

Tagged in: Financial and Investment Fraud, Misrepresentations,