In the Matter of Quantek Asset Management, LLC, et al.
Admin. Proc. File No. 3-14893
On May 29, 2012, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings (the "Order") against Quantek Asset Management, LLC ("Quantek"), Bulltick Capital Markets Holdings, LP ("Bulltick"), its parent company, Javier Guerra ("Guerra"), and Ralph Patino ("Patino") (collectively "Respondents"). In the Order, the Commission found that, from 2006 to 2010, Quantek, a Latin American-focused hedge fund adviser, misled investors about three important attributes of funds that it managed: management "skin in the game," the funds' investment process, and certain related-party transactions.. By its actions, Quantek violated certain antifraud, compliance, and recordkeeping provisions of the federal securities laws. Quantek's managing principal, Guerra, and its former operations director, Patino, were responsible for making various misrepresentations on Quantek's behalf. The Commission ordered, and the Respondents have paid, a total of $3,151,031.00 in disgorgement, prejudgment interest, and civil money penalties. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended, so the penalties, along with the disgorgement and prejudgment interest, collected can be distributed to those harmed by the Respondents' conduct described in the Order (the "Fair Fund"). See the Commission's Order: Release No. 333-9326.
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