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The Securities and Exchange Commission today announced charges against a New York-based investment adviser for misleading investors about the management of risk in a mutual fund. CCA and its President and Chief Executive Officer, Jerry Szilagyi, agreed to pay a combined $10.5 million to settle the charges.  The SEC also filed a complaint in federal district court in Madison, Wisconsin, against Senior Portfolio Manager, Edward Walczak, for fraudulently misrepresenting how he would manage risk for the fund. CCA advises Mutual Funds and discloses $5.7bn in their most recent Form ADV. Convergence’s risk rating was and is High-Watch.

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NEW YORK, November 12, 2019 – The Investment Management Due Diligence Association (IMDDA), an exclusive investor-based organization dedicated to the professionals who perform investment and operational due diligence, today announced that Kelly DePonte, Managing Director at Probitas Partners, has joined the IMDDA Advisory Board as it expands in response to the growing global importance of due diligence. 

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