SEC v. Grant Ivan Grieve, Finvest Asset Management, LLC; and Finvest Fund Management, LLC

SEC Complaint against Grant Ivan Grieve, Finvest Asset Management, LLC; and Finvest Fund Management, LLC


This an SEC Complaint to stop fraud by a hedge fund.

The complaint alleges that the defendants fabricated and financial information for the Primer Fund that was "certified" by two sham professional firms that Grieve himself created: a supposedly independent back-office administrator called Global Hedge Fund Services and a purportedly independent accounting firm called Kass Roland, LLC. The complaint further alleges that Grieve and FAM sent certain investors a fabricated confirmation by GHFS of Primer Fund's trading operations for fiscal years 2001 through 2005, and sent at least one prospective investor financial statements containing a fake Kass Roland audit opinion.

According to the complaint, Grieve had secretly formed GHFS and Kass Roland — each with fictitious employees, phone numbers, websites, email addresses, automated voice messaging systems, and physical office addresses — as part of an overall effort to deceive current and prospective investors about his investing capabilities and track record.

The complaint also alleges that the defendants provided current and prospective investors in both Primer Fund and Yankee Fund with monthly account statements, newsletters, and "fact sheets" that materially overstated the funds' performance and assets.

The Commission's complaint charges all of the defendants with violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b 5 thereunder, and Section 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder.

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Reference Info:Pleadings | Federal, 2nd Circuit, New York | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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