The Brentwood Group Limited Finally Forced Into Liquidation By Sec
It is confirmed that Washington D.C. based legal firm Wahrburg Moss, headed by partner Attorney Joseph Wahrburg, will be appointed to assist with the liquidation process and the disbursement of funds of all client's of the accused.
- (1888PressRelease) June 06, 2012 - Washington D.C. - The Securities and Exchange Commission today ordered the involuntary liquidation of The Brentwood Group Ltd., the multi-million dollar investment firm headquartered in Tokyo, Japan. The SEC is seeking emergency relief for investors, including an asset freeze and the appointment of an SEC appointed attorney to oversee the liquidation.
The SEC's complaint, filed in a court in Washington D.C. states that the voluntary liquidation entered by The Brentwood Group Ltd. had taken too long and that the amount of discrepancies coming up in the auditor's reports 'completely unacceptable'.
The complaint charges the defendants with violation of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940.
In addition to emergency and interim relief, the SEC seeks final judgment permanently enjoining the defendants from future violations of the antifraud provisions of the federal securities laws and ordering them to pay financial penalties
The Brentwood Group Ltd. is estimated to owe over $150m to creditors and over the course of the last year was attempting to satisfy demands by closing accounts and selling off assets. Previous auditors, Deloitte Touche Tohmatsu had uncovered hidden trading accounts and unreported assets, which had caused concern for SEC regulators.
The directors of the company, including all previous directors are also faced with court orders and have been summoned to the United States in order to face questioning regarding the activities of the multinational financial firm.
It is confirmed that Washington D.C. based legal firm Wahrburg Moss, headed by partner Attorney Joseph Wahrburg, will be appointed to assist with the liquidation process and the disbursement of funds of all client's of the accused.
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