{"id":6879,"date":"2019-03-21T08:56:25","date_gmt":"2019-03-21T13:56:25","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6879"},"modified":"2019-03-21T08:56:25","modified_gmt":"2019-03-21T13:56:25","slug":"talimco-llc-allegedly-defrauded-cdo-client-to-benefit-another-client","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/talimco-llc-allegedly-defrauded-cdo-client-to-benefit-another-client\/","title":{"rendered":"Talimco LLC Allegedly Defrauded CDO Client To Benefit Another Client"},"content":{"rendered":"<p>\t\t\t\tThe <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2019-36\" target=\"_blank\" rel=\"noopener noreferrer\">US Securities and Exchange Commission (SEC) <\/a>has filed civil charges against Talimco LLC, a registered investment adviser (RIA), and its former COO Grant Gardner Rogers. The regulator is accusing them both of rigging a commercial real estate auction it held for \u00a0one client to benefit another client, defrauding the selling client as a result. Talimco and Rogers are consenting to the c<a href=\"https:\/\/www.sec.gov\/litigation\/admin\/2019\/ia-5202.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">ease-and-desist orders<\/a> against them but without denying or admitting to the findings.<\/p>\n<p>The SEC contends that around April 2015, the RIA and Rogers sought to help the selling client\u2014a collateralized debt obligation (CDO)\u2014 sell a commercial real estate asset, while intending to help a different client\u2014a private fund that Talimco had created\u2014to acquire the asset. The regulator claims that instead of looking for a number of bidders for the asset that was for sale\u2014it was the firm and Roger\u2019s fiduciary duty to help the CDO client find a number of willing bidders so as to obtain the best price possible\u2014Rogers purportedly only presented the selling client with the affiliated private fund client\u2019s bid and the bids of two other \u201cunwilling\u201d parties. The latter two were assured that their bids would not win.<\/p>\n<p>Because of this alleged \u201cmanipulation,\u201d the private fund client\u2019s bid ended up being the highest, and the fund was able to acquire the commercial real estate asset for half of its value at about $28.6M. The fund, with the help of further alleged manipulation by Talimco and Rogers, later sold the asset at a profit for $43.5M.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/talimco-llc-allegedly-defrauded-cdo-client-to-benefit-another-client\/\"  title=\"Continue Reading Talimco LLC Allegedly Defrauded CDO Client To Benefit Another Client\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The US Securities and Exchange Commission (SEC) has filed civil charges against Talimco LLC, a registered investment adviser (RIA), and its former COO Grant Gardner Rogers. The regulator is accusing them both of rigging a commercial real estate auction it held for \u00a0one client to benefit another client, defrauding the selling client as a result. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3742,3781],"tags":[2689,3337,3338],"class_list":["post-6879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-collateralized-debt-obligation","category-investment-advisers","tag-collateralized-debt-obligations","tag-grant-gardner-rogers","tag-talimco"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Talimco LLC Allegedly Defrauded CDO Client To Benefit Another Client &#8212; Investor Lawyers Blog &#8212; March 21, 2019<\/title>\n<meta name=\"description\" content=\"The SEC has filed civil charges against Talimco LLC, a registered investment adviser (RIA), and its former COO Grant Gardner Rogers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/talimco-llc-allegedly-defrauded-cdo-client-to-benefit-another-client\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Talimco LLC Allegedly Defrauded CDO Client To Benefit Another Client &#8212; 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