Wed, Dec 8, 2021
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SEC charges Coral Gables Asset Management with fraud

Monday, August 31, 2020

Bailey McCann, Opalesque New York:

The SEC has halted an investment offering from Coral Gables Asset Management for fraud. The regulator also got an emergency order to freeze the assets of Coral Gables and its owner David C. Coggins. The order also requires that Coral Gables preserve all documents following an attempt by Coggin to destroy the paper trail.

According to the SEC's complaint, Coral Gables and Coggins solicited investors for a private fund they managed by misrepresenting the fund's past performance, the amount of assets they were managing, and Coggins' experience as a portfolio manager. The complaint further alleges that Coral Gables and Coggins falsified brokerage records and investor account statements and created and sent fake audit opinions to investors and third parties. As alleged, within hours of receiving a request from the SEC to preserve documents, Coggins destroyed evidence related to his fraudulent conduct.

Coggins also deleted online professional profiles including his LinkedIn account.

All of the documents presented to potential investors suggested that the fund had a long track record of positive performance and growing assets under management, when the opposite was true. The SEC alleges that Coggins used money that came in from new investors to fund a luxury personal lifestyle.

The SEC's complaint, filed in the U.S. District Court for the Southern District of Florida, charges Coral Gables and Coggins with violating antifraud laws. The SEC also charged Coral Gables Asset Holdings, L.P. and its successor entity, Coral Gables Capital, L.P., as relief defendants.

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Tiger funds change some stripes, Melvin Capital's comeback plan, What's behind Sachem Head's surge?, One of Asia's oldest hedge funds is buying distressed China debt[more]

    Tiger funds change some stripes From Institutional Investor: Falcon Edge, Light Street, Lone Pine, Viking, and Hound made significant buys and sells in the third quarter. Falcon Edge Capital Management exited its two largest U.S. long positions in the third quarter, according to

  2. SPACs: Hambro Perks eyes first London SPAC listing under new rules, SPACs churn out restatements, again, to correct accounting, Investment manager's SPAC Investcorp Europe Acquisition I files for a $250m IPO[more]

    Hambro Perks eyes first London SPAC listing under new rules From Bloomberg: U.K. venture capital firm Hambro Perks Ltd. aims to raise 140 million pounds ($187 million) listing a special purpose acquisition company in London, in what could be the market's first major blank-check offerin

  3. New Launches: Fundraise for Stonepeak's infrastructure fund reaches $11.4bn, Crypto-focused 10T Holdings to raise $500m in new fund, Stewart Investors' Sustainable Funds Group launches emerging markets sustainability fund, Tilney unveils 'adventurous' multi-asset sustainable fund, PineBridge looks to anchor first-time private equity fundraises with new $334m fund, MTIP holds $250m final close for second fund[more]

    Fundraise for Stonepeak's infrastructure fund reaches $11.4bn From IPE: Stonepeak Infrastructure Partners has so far raised $11.4bn (€10.1bn) for its fourth fund, according to sources that track capital raisings. The amount raised by the Stonepeak Infrastructure Fund IV exceeds

  4. Coinbase co-founder launches biggest VC fund in crypto, Valkyrie launches $100m DeFi hedge fund, Kyle Bass says the big money has been made in bitcoin[more]

    Coinbase co-founder launches biggest VC fund in crypto From the FT: Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang have finished raising $2.5bn this month for Paradigm One, their first venture capital fund. Investors jockeyed to commit money to the fund, allo

  5. London hedge funds Eisler and Glen Point Capital plan rare $6bn merger[more]

    From City AM: Eisler Capital is planning to snap up Glen Point Capital in a rare deal between two players in London's hedge fund industry. Eisler, a multi-strategy investment funds with $4.5bn under management will raise company assets by $1.5bn bring in a new trading team and add three funds to aid