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SEC's White Accuses Firms of Creating 'Bogus Fees'

Apr 30, 2014
Jing Chen

Securities and Exchange Commission chair Mary Jo White has accused hedge funds and private equity firms of charging investors bogus fees.

Bloomberg reported that White told lawmakers Wednesday at a House Financial Services Committee hearing on increasing the SEC’s 2015 budget that more than half of about 400 private-equity firms examined by SEC staff inflate fees and expenses charged to companies in which they hold stakes. White also accused private funds of mis-assigning fees and expenses to companies that they have stakes in.

White added that the “funding [the SEC is] seeking is fully justified by [the] existing and growing responsibilities to investors, companies and the markets,” however  White could not disclose when the agency would issue recommendations for new rules.

The agency’s budget has increased 80% in the last decade; White is asking for a $1.7 billion spending plan for the SEC for 2015.


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