SEC v. Dolphin Associates III, LLC and Donald T. Netter

Dolphin Associates III, LLC, and Donald T. Netter allegedly improperly withheld withdrawals from a private fund, charged the fund with excessive fees, and made materially misleading statements to investors. According to the SEC, since November 2016, Dolphin and Netter have improperly suspended withdrawals from the Fund while causing the Fund to make long-term investments in various small-cap equities. The SEC's complaint further alleges that Dolphin and Netter failed to disclose that Netter himself owned the same securities and was incentivized to prevent the Fund from divesting them.

Summary generated from official Securities and Exchange Commission press release