After charging Robert D. Press, former CEO of the advisory firm TCA Fund Management Group, and Donna M. Silverman, its former chief portfolio manager, for their roles in a scheme to artificially inflate the net asset values and performance results of several funds managed by TCA, the Securities and Exchange Commission settled with the two.
Without admitting or denying the SEC’s findings, Press agreed to be barred from the securities industry and to pay disgorgement of overcharged management and performance fees he received of $4,409,546 plus prejudgment interest of $755,178, and a penalty of $292,570.
Silverman agreed to limitations on acting in a director or officer capacity in the securities industry, but has the right to reapply after three years; she will pay a penalty of $50,000.
The SEC charged that, through Press’s actions, TCA fraudulently inflated the net asset values and performance of the company's funds by recording nonbinding transactions and fraudulent investment banking fees on the funds’ books and records, which showed the funds as always having positive monthly returns.
In fact, without those false transactions, the TCA funds would have had at least 34 months of negative returns since their inception, the SEC said.
How we got here – and what to do about it
AI trust gap: Americans want protection, not autonomy, in their finances
One in three of Goldman's 109 new partners comes from asset and wealth management, signaling the division's growing strategic weight.
Three firms secure experienced wealth management teams as advisor recruiting competition intensifies across the US.
San Diego advisory team brings private bank expertise and $225M in assets as the firm targets technology professionals nationwide.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
