Reuters: Regulatory News: SEC charges NASCAR stock fund adviser over withholding records

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SEC charges NASCAR stock fund adviser over withholding records Aug 10th 2012, 16:26 Fri Aug 10, 2012 12:26pm EDT * David Dube advised NASCAR-related stock index fund * SEC says Dube failed to turn over records for an exam * NASCAR related index fund is now defunct By Sarah N. Lynch WASHINGTON, Aug 10 (Reuters) - U.S. securities regulators on Friday filed civil charges against an investment manager who advised a NASCAR-related stock fund for allegedly failing to turn over records to examiners. The Securities and Exchange Commission said it was seeking documents from David W. Dube, 55, and Peak Wealth Opportunities LLC in connection with an examination of a mutual fund the firm advised called the StockCar Stock Index Fund, which is now defunct. The SEC said the investment manager has no known defense counsel at this time. A secretary who answered the phone at Peak Wealth's Florida-based office declined to comment. Peak Wealth served as the adviser to the StockCar Stock Index fund from 2008 to June 2010, according to the regulatory agency. SEC examiners asked for records from Peak Wealth and Dube in 2010. In addition, the SEC said the fund's board also sought information from Peak Wealth as part of its annual required evaluation of its advisory agreements. When the board could not get the information it needed, the SEC said it ended its advisory agreement with Peak Wealth and liquidated the fund by returning money to investors. The SEC also said Dube and his company failed to maintain certain required records and failed to withdraw Peak Wealth's registration. "After promising multiple times to provide the requested records, Dube failed to live up to his regulatory obligations and turn over the records," said Bruce Karpati, the chief of the SEC's asset management specialized enforcement unit. "When financial professionals fail to cooperate with SEC exams," Karpati said, "they force the agency to expend greater resources to pursue investigations." The SEC said it may seek to permanently bar Dube from associating with an investment adviser or broker-dealer. Link this Share this Digg this Email Reprints

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