The Securities and Exchange Commission is suing two Colorado Springs investment firms and three partners in those firms, accusing them of fraud and aiding and abetting fraud in a series of related transactions, The Gazette reports.
The suit alleges that SkiHawk Capital Partners, The Convergence Group, Clement Borkowski, Sean Hawkins and Joseph Schiff failed to tell investors in funds they managed that those funds had invested much of their money in companies owned by the three men.
ASI Healthcare Capital Partners raised $30 million from 80 investors, while ASI Capital raised at least $13 million from at least 80 investors and the ASI Capital Income Fund raised at least $32 million from at least 100 investors, the suit alleges. The funds allegedly promised annual returns of 6% to 10% with two of the funds saying investors could realize additional equity gains depending on the fund’s performance. Read more.
