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August 8, 2014

Posted  January 26, 2016

The SEC charged Bahamas-based brokerage firm Alliance Investment Management Limited (AIM) and its president Julian R. Brown with misrepresenting themselves as the “custodian” for assets under the management of hedge fund manager Nikolai Battoo when they did not have such custody.  They also allowed Battoo to create false account statements on AIM letterhead that vastly overstated the value of investors’ assets by more than $150 million.  Brown and AIM then routinely provided the false account statements to auditors and others acting on behalf of Battoo’s investors.  SEC

Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,