Van Wagoner Capital Management has disclosed in an SEC filing that the regulator is poised to start enforcement proceedings against it. At issue is Van Wagoner's alleged failure to properly value certain private holdings in its funds. According to the filing, it could face unspecified civil and administrative actions. Also facing possible actions are a firm employee, a director and two past directors.

Van Wagoner said in the filing that it opposes the SEC staff's recommendation of enforcement action.

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