Illegal Activity
suspicious
Blackmail
none
Date
2013-09-23
Document Type
legal filing
Model
gemini-2.0-flash-001
Processed
2026-02-07T18:41
Summary
This document is a private placement memorandum for Glendower Capital Secondary Opportunities Fund N. LP, disclosing past legal settlements involving Credit Suisse and Raymond James related to auction rate securities. The disclosure is required under Rule 506(e) of Regulation D and aims to inform potential investors of relevant legal matters.
Metadata
- Subject
- Glendower Capital Secondary Opportunities Fund N. LP - Certain Legal, ERISA and Tax Considerations
- Sender
- —
- Recipients
- —
- Document ID
- DB-SDNY-0095936, SDNY_GM_00242120
- Date
- 2013-09-23
Illegal Activity
- Severity
- suspicious
- Description
- The document describes past settlements related to the sale of auction rate securities, which involved allegations of dishonest conduct and failure to supervise. While the document itself isn't committing the illegal activity, it is disclosing past actions that were deemed illegal.
- Categories
- Securities violationsFailure to supervise
- Content Type
- first_hand
Evidence:
- Dishonest or unethical conduct related to the marketing and sale of auction rate securities
- Failure to supervise reasonably
- Inaccurately characterizing or failing to adequately disclose the true nature and risks associated with these investments
Relationships 3
| Entity 1 | Relationship | Entity 2 | Description |
|---|---|---|---|
| Glendower Capital Secondary Opportunities Fund N. LP | Business | U.S. Investors | Offering and sale of interests to U.S. Investors who are accredited investors. |
| Credit Suisse Securities (USA) LLC ('CSSU') | Legal | New York State Attorney General's Office | Settlement agreement regarding auction rate securities. |
| Raymond James & Associates, Inc. | Legal | States, Puerto Rico, the Virgin Islands, and the District of Columbia | Settlement regarding auction rate securities. |
Notable Quotes 3
The Interests described herein will not be registered under the Securities Act, or any other U.S. or non-U.S. securities laws, including state securities or blue sky laws.
Under the terms of the settlement agreement, CSSU agreed to repurchase up to 5550 million of auction rate securities held by certain investors and pay civil penalties of 515 million.
Although Raymond James' auction rate securities trade confirmations disclosed the risk that auction rate securities auctions could fail and that Raymond James were not obliged to ensure their success, at the point-of-sale, some of Raymond James' financial advisers inaccurately described auction rate securities.
Red Flags 1
- Past settlements involving placement agents regarding auction rate securities.
Financial Information
Amounts:5550 million515 million
Assets:
- Auction rate securities
Transactions:
- Repurchase of auction rate securities
- Payment of civil penalties
Public Knowledge
- Context
- The settlements involving Credit Suisse and Raymond James regarding auction rate securities were likely reported in the media at the time.
- Media Worthy
- Yes
Legal Compliance
- Disclosures related to Rule 506(e) of Regulation D under the Securities Act.
- Settlements involving Credit Suisse and Raymond James regarding auction rate securities.
Raw Analysis JSON
click to expand
Themes
Legal matters/litigationFinancial transactions/money flowBusiness dealings
Organizations 9
Thad Lake CapitalGlendower Capital Secondary Opportunities Fund N. LPCredit SuisseCredit Suisse Securities (USA) LLC ('CSSU')New York State Attorney General's OfficeNorth American Securities Administrators Association Task ForceRaymond James & Associates, Inc.Raymond James Financial Services, Inc.Raymond James
Locations 4
U.S.Puerto RicoVirgin IslandsDistrict of Columbia
Financial Entities 3
Credit Suisse Securities (USA) LLC ('CSSU')Raymond James & Associates, Inc.Raymond James Financial Services, Inc.
Text Analysis
- Tone
- Informative, legalistic
- Purpose
- To disclose legal matters related to Credit Suisse and Raymond James concerning auction rate securities to potential investors in Glendower Capital Secondary Opportunities Fund N. LP.
- Significance
- The document discloses past legal settlements involving placement agents (Credit Suisse and Raymond James) related to auction rate securities, which could be relevant to investors' risk assessment.
File Info
- File Name
- EFTA01391169.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:41:56.085803
- DOJ Source
- View on DOJ