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Alternative Market Briefing

Former Oppenheimer fund manager Brian Williamson settles fraud charges

Thursday, January 23, 2014

Komfie Manalo, Opalesque Asia:

Former Oppenheimer & Co. portfolio manager Brian Williamson has agreed to be barred from the securities industry and pay a penalty for making misrepresentations about the valuation of a fund consisting of other private equity funds.

In a statement, the Securities and Exchange Commission said that Williamson would pay $100,000 in penalty after he was accused in August of allegedly disseminating information falsely claiming that the reported value of the fund’s largest investment came from the portfolio manager of the underlying fund.

"Investors rely on truthful and complete disclosures about valuation methodologies and fund fees and expenses, especially when committing to a long-term private equity investment," said Julie M. Riewe, co-chief of the SEC Enforcement Division’s Asset Management Unit. "Williamson misled prospective investors by marking up the fund’s interim valuations and concealing his role in enhancing its reported performance."

In August last year, the SEC charged Williamson with misleading investors about the valuation and performance of some funds. The SEC claimed the 42-year-old Williamson disseminated quarterly reports and marketing materials that essentially overstated th......................

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