A Florida-based investment firm that oversees $500M in assets has inflated its main hedge fund's assets and returns since 2017, according to 3 employees who have filed a whistleblower complaint with the SEC.
alerted top TCA executives and its board to their allegations; they are on paid leave at the firm as protected whistleblowers under the Dodd-Frank Act.There are two main problems with TCA's accounting, the employees said. First, the company does not write off defaulted loans. Second, it records as revenues investment banking fees that it does not receive. Both practices overstate the fund's results.Kisha Smaw, owner of Hearts and Hands of Care Inc.
Smaw never paid those fees, she told NBC News, because TCA didn't provide any such services. Nevertheless, internal TCA records provided to NBC News show that in 2018, the TCA Global Credit Master Fund reported $1.45 million earned in investment banking fees from Hearts and Hands of Care. The SEC exam, which covered 2014 through 2016, found irregularities, the employees said. TCA restated net asset values for the Global Master Credit Fund and made whole investors who had been disadvantaged, they said.
Domiciled in the Cayman Islands, the TCA fund is aimed at wealthy investors who can afford its $100,000 minimum, regulatory documents show. Investors rely on their funds' outside auditors to identify potential problems in an investment operation.
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