Registered investment adviser Global Infrastructure Management has agreed to pay a $4.5 million civil penalty as part of a settlement reached with the Securities and Exchange Commission (SEC) for fee offset and disclosure failures caused by deficiencies in its compliance program.
In addition to the agreement, announced Monday, Global has voluntarily repaid $5.4 million to private fund clients affected by its alleged actions. The company neither admitted nor denied the SEC’s findings of violations of Sections 206(2) and 206(4) of the Investment Advisers Act in reaching a settlement.
