SEC fines Corvex Management $1M for SPACs conflicts
By 
Jeff Dale2023-04-17T17:56:00
New York-based investment adviser Corvex Management agreed to pay $1 million to settle allegations it failed to disclose personnel ownership in certain sponsors of special purpose acquisition companies (SPACs) and didn’t have policies and procedures reasonably designed to thwart conflicts of interest.
Corvex agreed to a censure and to cease and desist from further violations of the Investment Advisers Act, the Securities and Exchange Commission (SEC) announced in an administrative proceeding Friday. The company neither admitted nor denied the agency’s findings.
Between 2020 and 2021, unnamed Corvex personnel were involved in the formation of three SPACs and shared ownership of the SPACs’ sponsors, according to the SEC’s order.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News Brief
SEC charges investment adviser in landmark Liquidity Rule case
The Securities and Exchange Commission charged New York-based Pinnacle Advisors and several mutual fund trustees with aiding and abetting violations of its Liquidity Rule—the agency’s first enforcement action related to the policy.
-
News BriefSEC examiners flag deficiencies in Reg BI compliance
The Securities and Exchange Commission issued a risk alert listing deficiencies its examiners found in broker-dealers’ compliance with Regulation Best Interest.
-
News Brief
Moors & Cabot to pay $1.9M for conflict of interest disclosure lapses
Investment adviser Moors & Cabot reached a $1.9 million settlement with the Securities and Exchange Commission over allegations the firm didn’t fairly disclose conflicts of interest associated with incentive payments it received from two unaffiliated clearing brokers.
More from Regulatory Enforcement
-
News BriefFRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
-
News BriefDOJ fines MORSE Corp $4.6M for lax cyber controls amid crack down on federal contractors
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
-
News BriefEU regulator questions 'culture of compliance' with Digital Markets Act at Apple, Google
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.