(Bloomberg) — The U.S. is investigating complaints that the chief executive of One Thousand & One Voices Management used investor funds to cover personal expenses, the Wall Street Journal reported.
Documents show that the U.S. Securities and Exchange Commission’s Division of Enforcement sent subpoenas three months ago to the Denver-area private-equity company and a unit that manages one of its funds, according to the newspaper.
The complaints accused Hendrik Jordaan, president and chief executive officer, of covering personal expenses with seed money for a new fund, and charging investors for travel costs.
A spokesman for Jordaan told the Wall Street Journal that the company was fully cooperating with the SEC, and that the firm believes the seed capital was “handled in accordance with the applicable agreements.”
The SEC declined to comment to the newspaper.
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