SEC suspends Cashcraft Asset Management for violating trading rules

The Securities and Exchange Commission, SEC, has announced the suspension of Cashcraft Asset Management Limited, its directors and sponsored individuals from all capital market activities.

Information gathered from the commission’s website revealed that the suspension was as a result of the company’s violation of Section 155 of the ISA 2007 in its management of Anchor and Bedrock Unit Trust Scheme.

The operator was said to have contravened the provisions of the Investment and Securities Act, ISA, by
co-mingling the funds’ assets with its own.

It was further gathered that the suspension was due to the operator’s violation of the Funds’ Trust Deed and Asset Allocation Policy and its failure to file the requisite returns to the commission.

Cashcraft asset management was also accused of failing to maintain the relevant records/books for the Funds.

The operator was also said to have failed to facilitate the auditing of the Funds’ accounts and consequently hold an AGM

The commission also accused the company of refusing to comply with its directive to transfer the management of the fund to another Fund Manager.

One Comment

1. 

   Adeyemi Dare Moses

   February 8, 2015 at 11:12 pm

   will like to know if the suspension had been lifted. thank you