Executive Charged with Securities Fraud

The U.S. Securities and Exchange Commission has accused the top executives of Yorkville Advisors LLC of committing investment fraud by inflating values and creating false reports concerning it investments.

The SEC accused Yorkville – which at one time managed more than $1 billion in assets - of giving false and misleading documents to its auditors between April 2008 and January 2010 to substantiate false and misleading statements that were made to investors over that same time frame.

"[The] false portrayal of Yorkville as a firm that employed 'robust' internal controls caused pension funds and funds of funds to invest over $280 million in the Funds," the SEC said in its filing, according to Reuters.

Yorkville also allegedly misreported values in the midst of the financial crisis, with its returns largely consisting of unrealized gains from marked-up investments. An illegal boost to its management fees also leg to it receiving more than $10 million in unearned fees

The SEC filing accuses Yorkville, founder and President Mark Angelo, and Chief Financial Officer Edward Schinik of committing the investment fraud crimes.

If you or a loved one has been taken advantage by investment or securities fraud schemes, call Sokolove Law today to learn more about possibly pursing an investment fraud lawsuit.

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