A Malta-based advisory firm has been charged along with its owners with defrauding clients out of more than $75 million, a US financial watchdog announced on Tu
The company and its portfolio manager Ashish Negandhi, who was also penalized, allegedly misinformed investors about delinquency rates in a 2018 fix-and-flip securitization.
The Securities and Exchange Commission today charged Atlanta-based Angel Oak Capital Advisors LLC and its portfolio manager Ashish Negandhi with misleading investors about the firm’s fix-and-flip loan securitization’s delinquency rates. Angel Oak and Negandhi have agreed to settle charges and pay a penalty of $1.75 million and $75,000, respectively, the SEC said.
In the US, UBS Financial Services has agreed to pay US$25 million to settle fraud charges related to a complex options trading strategy it sold to investors without adequately educating their financial advisers on the product s risks.