The Securities and Exchange Commission (SEC) charged Christopher Schriechte, a managing member of NewMarket Global Management I, LLC with misappropriation. Schriecthe, along with Howard Hill, another managing member and general counsel and secretary of Software Company, created the Fund 2001. It has 75 investors who invested $21 million. Global Management serves as its unregistered investment adviser. The firm has not been profitable since 2007, the same year Schriechte and Hill became executives. Allegedly, the two men took about $955,000 in loans from the Fund. The loans were interest free and extended despite a provision in the operating agreement requiring the consent of the investors, which was not obtained. The men also took $499,558 from the Fund and Software Company. Both men claimed that the funds were for reimbursements for expenses. No receipts were produced. The operating agreement also required that investors be furnished with audited financial statements each year, but were only furnished in some years. Those statements were misleading and were also used to solicit new investors. The statements also said that there was $1 million in outstanding loans to Global Management, both those funds had actually been loaned to Schriechte and Hill. This is against securities rules and regulations. Please call our law offices today if you lost money with Schriecte, Hill or Global Management. We may be able to help you reclaim your losses.
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