Oaktree Capital Management, L.P. is a global investment management corporation with over $54.5 Billion of assets under management. Oaktree's mission is to provide highly professional management with a primary emphasis on risk control in a limited number of sophisticated investment specialties. Oaktree is involved in less efficient markets and alternative investments and has extensive experience, a solid track record, broad product range and substantial assets under management. Oaktree is dedicated to the achievement of consistent and superior performance without accepting high risk.
The Securities And Exchange Commission issued and order finding that on four occasions from September 2003 to March 2004, Oaktree Capital Management, LLC’s Emerging Markets Fund sold securities short within five business days before the pricing of public offerings and then covered the short positions with securities purchased in the offerings. Oaktree created boxed positions, and then crossed the long and short position against the other resulting in a flat position in the issuer’s stock. Oaktree then instructed a broker-dealer to print the buy cover and sell long transactions to the consolidated tape.2 Oaktree was forced to disgorge the profits it made on the prohibited transactions, and pay interest and a penalty. Oaktree agreed to refrain from committing any future violations and put in place policies and procedures to prevent further violations.
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