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Author Topic: Reserve Management Company, Inc., Resrv Partners, Inc., Bruce Bent Sr. and Bruce Bent II  (Read 1236 times)

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Reserve Management Company, Inc., Resrv Partners, Inc., Bruce Bent Sr. and Bruce Bent II
     


On May 5, 2009, the Securities and Exchange Commission filed a civil action in the United States District Court for the Southern District of New York charging the entities and individuals who operate The Reserve Primary Fund, including the Reserve Management Company, Inc. (RMCI), its Chairman, Bruce Bent Sr., its Vice Chairman and President, Bruce Bent II, and Resrv Partners, Inc., with fraud for failing to provide key material facts to investors and trustees about the fund's vulnerability as Lehman Brothers Holdings, Inc. sought bankruptcy protection. The Reserve Primary Fund "broke the buck" on Sept. 16, 2008, when its net asset value fell below $1.00 per share, meaning investors in the money market fund would lose money. In bringing the enforcement action, the SEC also seeks to expedite the distribution of the fund's remaining assets to investors.
     

http://www.sec.gov/litigation/litreleases/2009/lr21025.htm
     
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