Alumni Ventures Group, the parent company of Madison-based Bascom Ventures, has been fined by the Securities and Exchange Commission (SEC) for allegedly misleading investors, among other charges, according to a Wisconsin State Journal report. The SEC found the company that operated a total of five venture capital funds for investment in businesses both in Madison and nationally allegedly commingled funds without informing investors, and told investors that they would be charged “industry standard” management fees, typically a rate of 2% annually over 10 years with 20% carried interest. The company charged 20% up front.
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