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PE Adviser Barred From Industry – SEC
Private equity advisor Scott Landress agreed to pay a $1.25 million fine and be barred from the securities industry to settle SEC charges that he withdrew improper fees from 2 PE funds he managed.
Landress formed the funds to invest in real estate trusts with underlying investments in properties throughout the UK. His investment advisory firm SLRA Inc. earned management fees based on the net asset value (NAV) of the underlying investments.
However, SLRA’s fees shrank and its management costs increased as real estate property values fell during the financial crisis, and the funds’ limited partners declined several requests by Landress for additional compensation to cover the shortfalls. That’s when Landress directed SLRA to withdraw 16.25 million pounds from the funds in early 2014, purportedly as payment for several years of services provided by an affiliate. He subsequently transferred the money to his personal account. The transaction and the resulting conflicts of interest were not reported until after the money had been withdrawn.
Landress and SLRA returned the withdrawn service fees to the funds after the SEC began its investigation.
