Nov 3 (Reuters) - New York-based Fenway Partners LLC and four executives will pay a total of more than $10.2 million to settle civil charges that they failed to disclose certain conflicts of interest, the U.S. Securities and Exchange Commission said on Tuesday.
The private equity firm and the executives were not “fully forthcoming” to a client and investors about more than $20 million in payments out of fund assets or portfolio companies to an affiliated entity for consulting services, the SEC said.
Neither Fenway Partners, nor the executives, including principals Peter Lamm and William Gregory Smart, admitted nor denied the SEC’s allegations, the agency said.
A lawyer for Fenway Partners and Lamm were not immediately available for comment. A lawyer for Smart declined to comment. (Reporting by Suzanne Barlyn; Editing by Alan Crosby)