Defendant Name:
Northern Trust Global Fund Services Cayman Limited
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Northern Trust Corporation
SIC Code:
6020
CUSIP:
66585910
Document Reference:
IA-5585
Document Details
Legal Case Name
In the Matter of Northern Trust Hedge Fund Services LLC and Northern Trust Global Fund Services Cayman Limited
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
18-Sep-2020
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
The SEC stated: "Beginning in 2010, L-R Managers, LLC ("L-R Managers" or the "Manager") was the investment adviser to the Frontier Funds. Donald S. LaGuardia, Jr., through L-R Managers (collectively, the "Advisers"), defrauded the Frontier Funds and their investors, starting at least as early as 2013 through mid-2017. Among other things, the Advisers misappropriated money from the Frontier Funds and then directed that some of the misappropriated amounts be recorded as a promissory note and receivable "due from" L-R Managers to the Funds to conceal the misappropriation."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Fair Funds
Monetary Penalties:
Civil Penalty
Individual:
Shared:
$150,000.00
Shared with: Northern Trust Hedge Fund Services LLC
Related Documents:
Fund Administrators Settle with SEC for Causing Fund Advisers' Violations
On September 18, 2020, the SEC announced: "Northern Trust Hedge Fund Services LLC and Northern Trust Global Fund Services Cayman Limited agreed to settle charges for their role in causing L-R Managers, LLC's and Donald S. LaGuardia, Jr.'s fraud against privately managed funds and their investors."
34-91818
10-May-2021
Administrative Proceeding
Extension Order
The Commission stated: "IT IS HEREBY ORDERED that the Division's
request for an extension of time until November 30, 2021 to submit a Proposed Plan of
Distribution is granted."
34-96000
06-Oct-2022
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity to Comment
The SEC stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of monies paid to the Commission by Northern Trust Hedge Fund Services, LLC and Northern Trust Global Fund Services Cayman Limited (collectively, the “Respondents”) in the above-captioned matter."
Proposed Plan of Distribution
The SEC stated: "The Division of Enforcement (“Division”) proposes the following plan of distribution (“Proposed Plan”) to the Securities and Exchange Commission (“Commission”) . . . . If approved . . . the disgorgement, prejudgment interest, and civil penalties paid by Northern Trust Hedge Fund Services LLC and Northern Trust Global Fund Services Cayman Limited, plus accrued interest (the “Northern Trust Fair Fund”), will be transferred to the Court Registry Investment System account established in the related civil action, SEC v. Donald S. LaGuardia, Jr., No. 19-cv-05895 (S.D.N.Y.) (the “Civil Action”), for distribution to harmed investors in accordance with a plan to be approved by the district court (the “Distribution Fund”)."
34-96310
14-Nov-2022
Administrative Proceeding
Order Approving Plan of Distribution and Directing Transfer of Fair Fund
The Commission ordered that: "the Proposed Plan is approved . . . and . . . the Commission staff shall transfer the Northern Trust Fair Fund, less investment fees incurred while held at the Commission, to the Distribution Fund established in the Civil Action for distribution to harmed investors in accordance with a distribution plan to be approved by the district court."
Plan of Distribution
The SEC stated that: "The Plan is approved by the Commission, and the Commission retains jurisdiction over the implementation of the Plan."
Other Defendants in Action:
