Investment adviser firm Dolphin Associates III LLC and its founder defrauded their private fund client and its investors by preventing withdrawals, overcharging, and failing to provide required financial statements, the SEC said in a lawsuit.
Donald T. Netter, the company’s founder and only employee, allegedly cheated Dolphin Limited Partnership III LP and its investors by not returning funds that investors were entitled to. They also overcharged the fund by about $41,000 for management service and failed to get and deliver annual audits and financial statements to investors for the past seven years, the US Securities and Exchange Commission said ...
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