AG James Obtains Injunction Against 'Self-Dealing' Private Equity Fund Manager Who Committed 'Outright Fraud,' According To Court

Posted to Applied Web NY on Sat, 02/08/2020 - 12:47

NEW YORK – New York Attorney General Letitia James today announced her office has obtained an injunction protecting investors in private equity fund ACP X, LP (ACP) from further harm at the hands of Laurence G. Allen and the various corporate entities he controls. After a multi-day evidentiary hearing in January, Justice Barry R. Ostrager of the New York State Supreme Court found that the evidence produced by the Office of the Attorney General “revealed a shocking level of self-dealing, breaches of fiduciary duty, misappropriation of enormous sums of ACP capital, and outright fraud.”

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