Wednesday, July 30, 2014 3:39:24 PM
May 2014 Class action suit
According to the complaint filed by the SEC, Yorkville, Angelo, and Schinik defrauded investors in the YA Global Investments (U.S.) LP and YA Offshore Global Investments Ltd hedge funds. The SEC alleges that Yorkville and the two executives failed to adhere to Yorkville’s stated valuation policies; ignored negative information about certain investments by the funds; withheld adverse information about fund investments from Yorkville’s auditor, which enabled Yorkville to carry some of its largest investments at inflated values; and misled investors about the liquidity of the funds, collateral underlying the investments, and Yorkville’s use of a third-party valuation firm.
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