ED Magedson – Founder
((REDACTED BASED ON FINDINGS VIA COURT ORDER))Dallas, Texas USA
SPECIFIC INFORMATION CONTAINED IN THIS REPORT WAS FOUND TO BE FALSE/DEFAMATORY BY A COURT. OUT OF RESPECT FOR THE JUDICIAL PROCESS, THE SPECIFIC INFORMATION THAT WAS FOUND FALSE/DEFAMATORY BY THE COURT HAS BEEN ((REDACTED BASED ON FINDINGS VIA COURT ORDER)) | ((REDACTED BASED ON FINDINGS VIA COURT ORDER)) Texas
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NOW TO THE EDITORIALLY REDACTED REPORT:
((REDACTED BASED ON FINDINGS VIA COURT ORDER)), Registered Principal, Prosper, Texas) submitted a Letter of Acceptance, Waiver and Consent in which he was ((REDACTED BASED ON FINDINGS VIA COURT ORDER)). Without admitting or denying the findings, ((REDACTED BASED ON FINDINGS VIA COURT ORDER)) consented to the described sanction and to the entry of findings that he raised over $1.5 million from investors through offers and sales of limited partnership interests in a hedge fund, and made numerous misrepresentations in connection with the offers and sales that were inconsistent with the private placement memorandum (PPM). The findings stated that ((REDACTED BASED ON FINDINGS VIA COURT ORDER)) used over $1.3 million of the funds raised to invest in promissory notes issued by private companies in which he had a controlling interest, and made misrepresentations regarding the fund’s investment strategy, the concentration of investment funds in particular investments; the use of funds, and the amount of management fees and other expenses charged to the fund.
The findings also stated that ((REDACTED BASED ON FINDINGS VIA COURT ORDER)) omitted to timely disclose material facts including that he exercised sole discretion over the fund’s operations, and misused customer funds received in connection with the fund offering by obtaining debit cards linked to accounts and utilized the cards to pay for personal and non-business related expenses. The findings also included that ((REDACTED BASED ON FINDINGS VIA COURT ORDER)) caused funds from the various accounts to be transferred to his personal brokerage account and caused monthly payments for non-business related expenses to be drafted from one of the accounts. ((REDACTED BASED ON FINDINGS VIA COURT ORDER)), through his member firm, conducted an unregistered offering of the securities of an entity for which there was no available exemption due primarily to the offering being conducted pursuant to a general solicitation, and failed to timely disclose to investors that the firm was under common control with the issuer, in that he owned both entities. ((REDACTED BASED ON FINDINGS VIA COURT ORDER)) also found that ((REDACTED BASED ON FINDINGS VIA COURT ORDER)) failed to properly supervise the activities of a registered representative for whom he had supervisory responsibility, and failed to review the representative’s email correspondence. (((REDACTED BASED ON FINDINGS VIA COURT ORDER)))
This report was posted on Ripoff Report on 07/19/2013 09:36 AM and is a permanent record located here: http://www.ripoffreport.com/r/REDACTED-BASED-ON-FINDINGS-VIA-COURT-ORDER/Dallas-Texas/SPECIFIC-INFORMATION-CONTAINED-IN-THIS-REPORT-WAS-FOUND-TO-BE-FALSEDEFAMATORY-BY-A-COURT-1068377. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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