CONCORD, N.H. (AP) – The founder of an investment company has agreed to pay $800,000 in a settlement with the state of New Hampshire over misleading statements about fund management fees, commingling assets with funds and not filing required documents.
The settlement announced Friday was reached between the New Hampshire Bureau of Securities Regulation, Manchester-based Alumni Ventures Group, and its founder and CEO, Michael Collins.
The bureau received a complaint in 2018 from an investor who expected a 2% management fee for 10 years, plus a 20% share in profits on any profitable investments for a fund, the industry standard. But instead, he paid a fee of 20% upfront in the first year.
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