On March 11, 2013, the SEC instituted settled administrative and cease-and-desist proceedings against Oppenheimer Asset Management, Inc. and Oppenheimer Alternative Investment Management, LLC. According to the SEC: "This matter concerns registered investment advisers Oppenheimer Asset Management Inc.'s ('OAM') and Oppenheimer Alternative Investment Management, LLC's ('OAIM') misrepresentations and omissions to investors and prospective investors about the asset value of a fund of private equity funds vehicle they managed, Oppenheimer Global Resource Private Equity Fund I, L.P. ('OGR'). OAM's and OAIM's written policies and procedures did not contain provisions reasonably designed to prevent violations of the Advisers Act and the rules adopted thereunder. While the policies and procedures required the compliance department to review and approve marketing materials, those procedures did not require a review of portfolio manager valuations and were not reasonably designed to ensure that valuations were determined in a manner consistent with written representations to investors." The SEC stated that: "Payment of $376,700 in disgorgement and $23,935 in prejudgment interest shall be deemed satisfied by that portion of Respondents' payments made pursuant to a related action by the Commonwealth of Massachusetts, by and through Martha Coakley, Attorney General." The SEC also stated that: "Respondents acknowledge that the Commission is not imposing a civil penalty in excess of $617,579 based upon their cooperation in this investigation and related enforcement action."