The nation's chief securities regulator is alleging that Keystone Venture Partners misappropriated over $9 million. Three Keystone investment advisors have agreed to no-fault settlements with the SEC. Kiernan Dale, the chief individual charged with wrong-doing in the case will be ordered to pay a $1.37 million penalty, but the SEC is apparently choosing to wave this payment as Dale would not be able to afford it. The SEC is also not seeking a further civil penalty against Dale. Two other Keystone advisors, John Regan and Peter Ligeti have each agreed to civil penalties of $50,000.

More on the case here. You can also read a related judicial opinion online (which has a great many further details) or download the PDF version.

-- MDT