San Francisco-based Van Wagoner Capital Management, which once scored soaring returns thanks to bets on tech firms, has had miserable performance since the tech bubble burst. As returns suffered, investors pulled their money out of the company’s funds.

Now things could get worse. The fund company 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.

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