The battle between Papastavrou, Guerra and Quantek was the subject of several Forbes articles.
FORBES: SEC Charges Formerly $1 Billion Hedge Fund With Misleading Investors
The SEC also claimed that Quantek kept investors in the dark about certain related-party transactions involving Guerra.
FORBES: SEC Charges Formerly $1 Billion Hedge Fund With Misleading Investors
The SEC claims that Quantek made a habit out of backdating misleading investment approval memoranda signed by Guerra.
FORBES: SEC Charges Formerly $1 Billion Hedge Fund With Misleading Investors
Big investors in Quantek, which suspended redemptions in October 2008, had some valid reasons for objecting to Papastavrou's litigation.
Quantek has returned 12.1% of assets to investors this year, but by September Papastavrou had lost patience and wanted more.
Guerra co-founded Bulltick Capital Markets, a Miami investment bank specializing in Latin America, which was the owner of Quantek Asset Management.
FORBES: Hedge Fund Manager Accused Of Self-Dealing And Fraud
The SEC enforcement action vindicates the efforts of Jason Papastavrou, who runs Aris Capital Management and a fund of hedge funds that invested in Quantek.
FORBES: SEC Charges Formerly $1 Billion Hedge Fund With Misleading Investors
Javier Guerra, the Quantek manager, doesn't think Papastavrou's strategy is nuanced.
During the fund's liquidation process this year, Quantek has distributed to investors 3.75% of its assets and restated its net asset value downward by 15%, according to Aris.
FORBES: Hedge Fund Manager Accused Of Self-Dealing And Fraud
Yet when Papastavrou tried to work with other investors in the Quantek hedge fund, many of those investors directed their anger at Papastavrou and pleaded with him to stop his crusade against Guerra.
FORBES: SEC Charges Formerly $1 Billion Hedge Fund With Misleading Investors
According to the SEC, the Quantek hedge fund made loans to affiliates of Guerra and his Bultick Capital Markets Holdings that were not properly documented or secured, leading employees to later re-create the missing related-party loan documents, but misstate important loan terms and backdate materials to cover up the situation.
FORBES: SEC Charges Formerly $1 Billion Hedge Fund With Misleading Investors
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