SEC fines Corvex Management $1M for SPACs conflicts
By 
Jeff Dale2023-04-17T17:56:00
New York-based investment adviser Corvex Management agreed to pay $1 million to settle allegations it failed to disclose personnel ownership in certain sponsors of special purpose acquisition companies (SPACs) and didn’t have policies and procedures reasonably designed to thwart conflicts of interest.
Corvex agreed to a censure and to cease and desist from further violations of the Investment Advisers Act, the Securities and Exchange Commission (SEC) announced in an administrative proceeding Friday. The company neither admitted nor denied the agency’s findings.
Between 2020 and 2021, unnamed Corvex personnel were involved in the formation of three SPACs and shared ownership of the SPACs’ sponsors, according to the SEC’s order.
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