A Miami-based investment advisory company and its former chief executive have agreed Tuesday to pay most of a $3.1 million settlement with the Securities and Exchange Commission for falsely claiming managers had “skin in the game” with a one-time $1 billion Latin America-focused fund, the agency announced.
The SEC said Quantek Asset Management LLC deceived its investors, many of them institutional, about whether its executives personally invested in the Quantek Opportunity Fund. The commission said that despite statements to the contrary to investors, Quantek executives such as former portfolio manager Javier Guerra never invested their own money in the fund.
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