Under the settlement, neither Ritchie Multi-Strategy Global Trading nor Ritchie Capital Management will admit or deny the findings set out in the Securities and Exchange Commission (SEC) and NYAG’s orders. Ritchie Multi-Strategy Global Trading will pay $30 million of disgorgement plus $7.44 million in interest that will be distributed to the affected mutual funds. Ritchie Capital Management has agreed to pay a $2.5 million penalty.
Thane Ritchie, CEO of Ritchie Capital, said: We are pleased to put this matter behind us, and we will continue our other efforts to maximize value for all of our investors.
