Defendant Name: Fifth Street Management, LLC 

Defendant Type: Subsidiary of Public Company
Public Company Parent: Fifth Street Asset Management Inc.
SIC Code: 9999
CUSIP: 31679P10

Initial Case Details

Legal Case Name In the Matter of Fifth Street Management, LLC
First Document Date 03-Dec-2018
Initial Filing Format Administrative Action
File Number 3-18909
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
Sections 204A, 206(2), 206(4), 207 Advisers Act; Rules 206(4)-7(a), 206(4)-8(a)(2) Advisers

Related Violations Alleged

Fifth Street Management, LLC  is alleged to have caused an unidentified individual or entity's violation of Rule 12b-20 of the Exchange Act.
Fifth Street Management, LLC  is alleged to have caused an unidentified individual or entity's violation of Sec 13(a) of the Exchange Act.
Fifth Street Management, LLC  is alleged to have caused an unidentified individual or entity's violation of Rule 13a-1 of the Exchange Act.
Fifth Street Management, LLC  is alleged to have caused an unidentified individual or entity's violation of Rule 13a-13 of the Exchange Act.
Fifth Street Management, LLC  is alleged to have caused an unidentified individual or entity's violation of Sec 13(b)(2)(A) of the Exchange Act.
Fifth Street Management, LLC  is alleged to have caused an unidentified individual or entity's violation of Sec 13(b)(2)(B) of the Exchange Act.
Fifth Street Management, LLC  is alleged to have caused an unidentified individual or entity's violation of Sec 17(a)(2) of the Securities Act.
Fifth Street Management, LLC  is alleged to have caused an unidentified individual or entity's violation of Section 31(a) Investment Company Act; Rule 31a-1 Investment Company Act.

Resolutions

First Resolution Date 03-Dec-2018

Related Documents:

33-10581 03-Dec-2018 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, Section 21C of the Securities Exchange Act of 1934, Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 and Section 9(f) of the Investment Company Act of 1940 Making Findings, and Imposing Remedial Sanctions and a Cease-and Desist Order
On December 3, 2018, the SEC issued an order against Fifth Street Management, LLC, stating: "This matter arises from FSM's improper allocation of expenses to its former business development company ("BDC") clients, and failures relating to the valuation of two portfolio company investments held by one of the BDCs ("BDC-1")."
33-10581-s 03-Dec-2018 Administrative Summary
Investment Adviser Settles Charges Related to Expense Misallocation and Valuation Review Failures
The SEC stated: "Fifth Street Management LLC, formerly an SEC-registered investment adviser based in Greenwich, Connecticut, has agreed to settle charges relating to the misallocation of certain expenses to its business development company clients and failing to reasonably conduct the quality control reviews of its business development company clients' quarterly valuation models, causing one client to materially overstate its net income."
34-85232 01-Mar-2019 Administrative Proceeding
Extension Order
The Commission stated: "Accordingly, for good cause shown, IT IS HEREBY ORDERED that the Division's request for an extension of time until November 29, 2019 to submit a Proposed Plan of Distribution is granted."
34-85684 18-Apr-2019 Administrative Proceeding
Order Appointing Fund Administrator and Setting Administrator Bond Amount
The SEC stated: "[I]t is hereby ORDERED, that Epiq is appointed as the fund administrator of the Fair Fund, pursuant to Rule 1105(a) of the Rules, 17 C.F.R. § 201.1105(a), and the administrator shall obtain a bond in the amount of $3,983,661.51, in accordance with Rule 1105(c) of the Rules, 17 C.F.R. § 201.1105(c)."
34-85742 29-Apr-2019 Administrative Proceeding
Order Appointing Tax Administrator
The SEC stated: "IT IS ORDERED that Miller Kaplan, pursuant to and in accordance with the Omnibus Order, is appointed the Tax Administrator for the QSF in the above-referenced proceeding"
34-86190 24-Jun-2019 Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity to Comment
The Commission stated: "The Fair Fund holds approximately $4 million, comprised of the disgorgement, prejudgment interest, and a civil money penalty paid by the Respondent, plus accrued interest. The Plan proposes to distribute the funds currently in the Fair Fund, less taxes, fees, and expenses, to compensate investors in the common stock of the BDC clients during the relevant period for the Respondent's misallocation of expenses."
34-86190-pdp 24-Jun-2019 Administrative Proceeding
Proposed Plan of Distribution
The Commission stated: "This proposed Plan of Distribution ... provides for a distribution of the funds collected ... from Fifth Street Management, LLC ("Fifth Street") to compensate Fifth Street's former business development company (BDC) clients for the misallocation of expenses in 2013 and 2014."
34-86551 01-Aug-2019 Administrative Proceeding
Order Approving Plan of Distribution
The SEC stated: "[I]t is hereby ORDERED, pursuant to Rule 1104 of the Commission’s Rules on Fair Fund and Disgorgement Plans, that the Plan is approved, and posted simultaneously with this order on the Commission’s website at www.sec.gov."
34-86551-dp 01-Aug-2019 Administrative Proceeding
Plan of Distribution
The SEC stated: "[t]he Plan provides for a distribution of the funds collected in the above-referenced proceeding from Fifth Street Management, LLC ("Fifth Street") to compensate Fifth Street's former business development company ("BDC") clients for the misallocation of expenses in 2013 and 2014."
34-89024 05-Jun-2020 Administrative Proceeding
Order Approving Application of Fund Administrator for Payment of Fees and Expenses and Approval of Future Fees and Expenses
The Commission stated: "it is hereby ORDERED . . . that OFM pay the Fund Administrator’s current fees and expenses of $318,766.00 from the Fair Fund. Further, OFM is authorized to pay, at the direction of the Assistant Director of the Office of Distributions, any future fees and expenses of the Fund Administrator from the Fair Fund so long as the total amount paid to the Fund Administrator, including the invoice to be paid, does not exceed the total amount of the approved cost proposal submitted by the Fund Administrator."
34-91509 08-Apr-2021 Administrative Proceeding
Order Directing Disbursement of Fair Fund
The SEC stated: "it is hereby ORDERED that SEC staff shall transfer $573,350.57 from the Fair Fund to the Fair Fund's escrow account at The Huntington National Bank, and the Fund Administrator shall distribute such monies to the eligible claimants in accordance with the Plan."