(Securities & Exchange Commission) The Securities and Exchange Commission today charged a Bellevue, Wash.-based investment advisory firm and its CEO with fraudulently inflating the values of investments in the portfolio of a private fund they advised so they could attain unearned management fees. The SEC also charged the fund’s outside auditors with performing a deficient audit that enabled the firm to send misleading financial statements to investors.
Chris Yoo and his firm Summit Asset Strategies Investment Management agreed to settle the fraud charges arising from Summit Stable Value Fund. Yoo and another of his advisory firms Summit Asset Strategies Wealth Management agreed to settle fraud charges related to his failure to inform clients that Summit Asset Strategies Wealth Management received significant fees when referring them to invest in the fund.
