Alpine Woods and its Chief Settle With the SEC for $715K
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Wednesday, February 9, 2011

Alpine Woods and its Chief Settle With the SEC for $715K

Fundsters whose funds participate in IPOs may want to take a look at a new SEC settlement. Yesterday the regulatory agency revealed [see order] a $715,000 settlement with Alpine Woods [see profile] and its chief for alleged non-disclosure of the impact of IPO trading on the performance of Alpine's Financial Services and Innovators funds.

The SEC claims that, between February 1, 2006 and January 31, 2008, Alpine gave the two funds in question (which happened to be its smallest funds) disproportionate access to IPOs, only to have the funds sell most of the IPO shares shortly after the IPOs, without disclosing the impact. (The SEC also attacks Alpine for alleged policy failures to prevent such disproportionate access and non-disclosure.)

As part of the settlement, Alpine will pay for a compliance consultant to review its policies for five months and report back. Alpine will pay a fine of $650,000, and CEO Samuel Lieber (who also owns 51 percent of the company -- his father, Stephen Lieber, owns 49 percent) will pay $65,000.

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