Wilfred Meckel, principal of Marque Millennium Group, was issued a "failure to supervise" enforcement action by the SEC, the first it has brought against the principal of an unregistered investment adviser, the SEC said in a statement. The SEC alleged Mr. Meckel did not take reasonable supervisory action against Robert T. Littell, Marque director of investments, who was accused of defrauding investors in the firm's three hedge funds. The SEC accused Mr. Littell of using inaccurate performance information; misrepresenting the firm's structure and processes; and improperly redeeming the full amount of investments to two investors while the hedge funds experienced large losses.
Messrs. Meckel and Littell both settled without admitting or denying the SEC's charges. Mr. Meckel was suspended from associating in a supervisory capacity with any investment adviser for six months and received a censure from the SEC. Mr. Littell was barred from association with any investment adviser and was ordered to pay a $15,000 civil penalty.
Messrs. Meckel and Littell were not in the Marque Millennium office today to answer a call seeking comment.