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Article: Sentinel sued by SEC for fund misuse
- Article from:
- International Herald Tribune
- Article date:
- August 22, 2007
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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International Herald Tribune
08-22-2007
Sentinel Management Group, the cash-management firm that froze client withdrawals last week, has been sued by the U.S. Securities and Exchange Commission for allegedly lying to investors and misappropriating their assets. The firm fraudulently moved at least $460 million in securities from client accounts into its own and misused customers' holdings as collateral to obtain a $321 million line of credit ''for its own benefit,'' the SEC said in a lawsuit filed Monday at U.S. District Court in Chicago.''Sentinel did not disclose to its clients its practices of commingling, transferring and misappropriating their assets, or inform them that their ...
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