Lincolnshire Management, a New York-based private equity fund advisor, has agreed to pay more than $2.3 million in fines and penalties after the Securities and Exchange Commission charged it for breaching its fiduciary duties.
The case related to acquisitions Lincolnshire made 17 years ago.
One of the firm's private equity funds — Lincolnshire Equity Fund — purchased one company in 1997 while another of the firm's funds — Lincolnshire Equity Fund II — purchased another company four years later.
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