Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Chicago Investment Advisor Umesh Tandon Charged for Investment Fraud

A Chicago-based investment advisor has been charged with lying to his clients, including the California Public Employees’ Retirement System (CalPERS), about the amount of money managed by his firm.

According to the SEC, Umesh Tandon, an adviser with Chicago-based Simran Capital Management, used false information to obtain the business of several institutional investors, including CalPERS. Specifically, Tandon has been accused of falsely claiming that Simran satisfied the clients’ minimum assets under management (AUM) requirements.

AUM is a method used by institutional investors to screen potential advisory firms.

Umesh Tandon allegedly misled CalPERS into investing with Simran by claiming Simran managed $200 million in assets when it really managed only $80 million. Tandon then allegedly used Simran's business relationship with CalPERS and more lies about Simran's assets under management (AUM) to attract additional institutional investors.

Simran ceased operating as an investment adviser in Feb. 2012, after submitting at least four filings with the SEC that overstated the firm’s AUM. Tandon, though neither admitting nor denying the SEC’s allegations, has agreed to settle the SEC’s charges.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram