SEC Fines Shady 'Ivy League' Fintech Investor. What Took So Long?
Number of the Week: 71% (explanation below)
SEC Fines Shady 'Ivy League' Fintech Investor. What Took So Long?
On Friday, the US Securities and Exchange Commission (SEC) issued an order against Alumni Ventures Group (AVG), a venture capital firm that stood out for trying to associate itself with Ivy League (and other prestigious) universities and their alumni. The SEC charges that for years, AVG misrepresented its operations to investors, and also illegally transferred millions of dollars between its funds. AVG was also charged this week by the states of Massachusetts (where the business is registered) and New Hampshire (where its CEO Michael Collins lives).
There was always something shady about AVG funds.