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Connecticut Hedge Fund Firm in $5 Million SEC Settlement

Connecticut Hedge Fund Firm in $5 Million SEC Settlement

AlphaBridge Capital Management and its two owners will pay about $5 million to settle U.S. Securities and Exchange Commission charges that they fraudulently inflated the prices of securities in hedge fund portfolios they managed.

The SEC said the inflated valuations caused the funds to pay higher management and performance fees to the Greenwich, Connecticut-based firm.

Wednesday's settlement with AlphaBridge and its owners Thomas Kutzen and Michael Carino calls for the disgorgement of more than $4 million and payment of nearly $1 million in penalties, the SEC said. Carino also agreed to a three-year ban from the securities industry, the SEC said. (Reporting by Jonathan Stempel in New York, Editing by Franklin Paul)

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