Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, August 21, 2007

More Information on SEC Action Against Sentinel

The SEC has posted to its website the litigation documents in connection with its emergency action against Sentinel Management Group, in which the SEC alleges improper commingling, misappropriating, and leveraging clients' securities without their consent.  The Wall St. Journal reported this morning that the judge denied the SEC's application for an asset freeze preventing the distribution of the proceeds of a sale of assets.  The SEC reports here that the Court entered an order requiring Sentinel to provide a full accounting of client assets and Sentinel’s assets and liabilities within five days. In addition, the Court ordered Sentinel to immediately produce certain brokerage and bank documents in order to begin the process of determining client portfolio holdings and ownership of securities.

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