U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 21668 / September 28, 2010

Securities and Exchange Commission v. Robert L. Duncan
Civil Action No. 1:10-CV-03051-JEC, N.D. GA., filed September 23, 2010

SEC Charges Atlanta Fund Manager with Securities Fraud

The Securities and Exchange Commission filed a civil injunctive action in Atlanta, Georgia on September 23, 2010, charging Robert L. Duncan, the portfolio manager of the Seaside Partners Fund, LP ("Fund") with violating the antifraud provisions of the federal securities laws in connection his activities related to the Fund.

In its complaint, the Commission alleges that Duncan violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), 206(2), 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. Duncan, without admitting or denying the allegations in the Commission's complaint, consented to the entry of an order: (1) permanently enjoining him from future violations of the provisions the Commission alleged he violated in its complaint; and (2) authorizing the court to determine the amount of civil penalties and disgorgement at a subsequent hearing.

In its complaint, the Commission alleges that Duncan violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), 206(2), 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. The Commission's complaint seeks permanent injunctions from future violations of those provisions, disgorgement, prejudgment interest and civil penalties.

The Commission acknowledges the assistance of the US Attorney's Office for the Northern District of Georgia in this matter.

See Also: SEC Complaint

 
http://www.sec.gov/litigation/litreleases/2010/lr21668.htm

Last modified: 9/28/2010