SEC bars Goldsky Asset Management’s owner Kenneth Grace from industry

Maria Nikolova

Mr Grace is barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.

About a month after Judge Valerie E. Caproni of the New York Southern District Court signed a final judgment against Australia-based investment adviser Goldsky Asset Management, LLC and its owner, Kenneth Grace, the Securities and Exchange Commission (SEC) announced it is barring Mr Grace from the industry.

The SEC’s announcement states Mr Grace is barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization, with the right to apply for reentry after two years to the appropriate self-regulatory organization, or if there is none, to the Commission.

Let’s recall that, according to the SEC’s complaint, Goldsky’s Forms ADV filed with the Commission in 2016 and 2017, which Kenneth Grace signed, stated that its hedge fund, Goldsky Global Alpha Fund, LP, had an auditor, a prime broker and custodian, and an administrator. In addition, in its Forms ADV and Forms ADV Part 2A, Goldsky stated that it managed over $100 million in discretionary assets under management. Goldsky’s website also claimed that Goldsky Fund earned: 19.45% compounded annual returns since inception, 70.33% compounded monthly returns since inception, and 25.30% returns for the year ended September 30, 2017.

The SEC alleges that these statements were false and misleading because Goldsky, Grace and Goldsky Fund had no agreements with service providers, Goldsky and Grace did not manage $100 million of assets, and Goldsky Fund did not have any investment returns as it never had any assets.

The New York Court order imposed a civil penalty in the amount of $50,000 on Goldsky Asset Management, whereas Kenneth Grace was ordered to pay a civil penalty in the amount of $25,000.

Read this next

blockdag

30,000x ROI Potential: BlockDAG Secures $33.5M in Presale, Outruns Retik Finance’s Bitmart Performance

Uncover how BlockDAG’s impressive $33.5M presale and its innovative platform draw investors away from Retik Finance following the Bitmart listing.

blockdag

IT Professional Switches to Lucrative Crypto Mining Entrepreneur with BlockDAG’s Advanced Mining Technology

Learn how an IT pro turned Litecoin mining into a fortune. See if BlockDAG can match this with advanced mining tech and 30,000X ROI potential.

blockdag

May 2024 Crypto Spotlight: Why Whales Are Choosing BlockDAG Over Retik Finance, Will CoinW & P2B Listing Save $RETIK?

Uncover why BlockDAG is winning over smart investors in May 2024, and surpassing Retik Finance’s performance on exchanges like CoinW and P2B.

blockdag

Ethereum Leads Altcoins Toward a Huge Rally: Expert Top Picks for Altseson Unveiled

A fresh surge in alternative cryptocurrencies is building momentum as Ethereum leads the charge.

Chainwire

BEVM Unveils Groundbreaking Taproot Consensus for Decentralized Bitcoin Layer 2 Solution

On May 20, 2024, the Bitcoin Layer2 development team BEVM released the technical yellow paper titled “Taproot Consensus: A Decentralized BTC Layer2 Solution.”

blockdag

AI Cryptos to Pump Hard After NVIDIA’s Q1 Earnings 📊

The recent earnings from a tech giant have hinted at a significant upswing for AI-focused cryptocurrencies.

Retail FX

Weekly Roundup: Republican to end Fed, Bankman-Fried moves to California

Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.

blockdag

BlockDAG’s $32.8M Presale Outshines Retik Finance’s MEXC Listing, Featuring Cutting-Edge Dashboard Innovations

Explore how BlockDAG’s innovations overshadow Retik Finance’s MEXC debut, attracting investors to its vibrant platform for unparalleled gains.

blockdag

Top Altcoins To Watch: BNB And Injective Signal Market Upswing, BlockDAG’s Dashboard Spurs Investor Enthusiasm As Presale Surpasses $32.9M

BlockDAG outshines in our comparison of BNB Breakout Prediction, Injective (INJ) News, and Top Altcoins to Watch. Discover why BlockDAG is the best choice.

<