Manhattan-based advisory firm, QED Benchmark Management LLC, and its Toronto-based founder/manager, Peter Kuperman, will reimburse investors $2.877 million in losses to settle charges that they misled investors about a fund’s investment strategy and historical performance. According to the SEC’s order, QED and Kuperman avoided disclosing heavy trading losses to investors by using a misleading mixture of actual and hypothetical returns when describing the fund’s performance history. After obtaining millions of dollars from investors based on these misrepresentations, QED and Kuperman then deviated from their stated investment strategy and poured most of the fund’s assets into a single penny stock. SEC
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