A Chicago investment adviser was accused by the Securities and Exchange Commission today of lying to CalPERS and other clients about the amount of money he managed.
The SEC said the adviser, Umesh Tandon of Simran Capital Management, told CalPERS in 2008 he managed $200 million. In fact, he only managed $80 million.
Big investors like CalPERS often rely on the amount of assets under management to vet potential investment managers, the SEC said.
Tandon has agreed to settle the investigation by paying civil penalties of around $120,000. He will be barred from the securities industry.
CalPERS officials weren't immediately available for comment.
Call The Bee's Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.