August 17, 2015
Eric D. Jacobs is the principal owner and managing member of Acadia Asset Management, LLC, a New York, New York-based hedge fund investment adviser. According to a recent SEC filing, from 2010 through 2013, Jacobs and Acadia breached their fiduciary duties as investment advisers. In 2010, Jacobs allegedly made redemptions in excess of his capital account balances. During 2010 and 2011, Jacobs allegedly redeemed his own investment interest and that of his father from an illiquid fund managed by Jacobs and Acadia, in preference over other fund investors. According to the SEC filings, during 2010 through 2013, Jacobs caused one of the funds to pay Acadia management fees in excess of fees legitimately due. Finally, during 2010 and 2011, Jacobs and Acadia allegedly misrepresented to investors the riskiness of an investment in a hedge fund managed by Jacobs and Acadia, leading to near total losses for those investors which could be anywhere from $600,000 to $8 million.
Due to Jacobs’ alleged misconduct, the SEC has ordered that he be barred from associating with any broker dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; and prohibited from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person of such investment adviser, depositor, or principal underwriter. The SEC further ordered that Jacobs’ company, Acadia be censured and that both Jacobs and Acadia cease and desist from committing any future violations of federal securities laws.
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