Investment advisors who think they can outsmart the
The SEC has revoked the registration of
Perkins, who registered with the SEC in March 2007, also made false statements of “material” facts in his Form ADV. The firm's website identifies the company as the investment adviser for the GendeX Fund, which caters to the Generation X and Y crowds who don't feel they are well-served by the established Wall Street community.
According to the SEC, Thrasher misstated in Form ADV filed in July 2007 that more than 40% of the firm’s clients were high-net-worth individuals. The firm also incorrectly represented its ownership structure by not identifying an individual who held a significant ownership stake.
Thrasher was charged with violating Sections 204(a) and 207 of the Investment Advisers Act of 1940 which require investment advisors to provide the SEC with their books and records upon request and not to make any false statements of material facts.
“The settlement of this enforcement action by Thrasher is now a material proceeding that must be disclosed to all current and potential clients,” says Jay Gould, a partner with the law firm of
A woman responding to a call to the press coordinator of Thasher Capital said the "company is no longer in business." A telephone operator in Manhattan also could not find a listing for James Perkins at 305 Spring Street, which the SEC's ruling says is the address for Perkins and Thrasher.