By Al Barbarino (March 4, 2022, 2:13 PM EST) — The U.S. Securities and Exchange Commission said Friday that it has struck a $5.5 million settlement with venture capital fund adviser Alumni Ventures Group LLC, resolving claims that the firm misled investors into thinking they were paying “industry standard” annual percentage-based management fees when in fact they were paying the full percentage upfront.
From June 2016 through February 2020, AVG’s website, marketing documents, and emails to prospective fund investors said the management fee for the funds the firm advised was the “industry standard “2 and 20,” which any “reasonable investor” would have taken to mean that the management fees would be staggered annually at 2%…
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