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November 28, 2012
11:37 EDTKCAPKCAP Financial confirms settlement with SEC
KCAP Financial confirmed it has reached a final settlement with the U.S. Securities and Exchange Commission to resolve the previously disclosed SEC investigation into the 2008 and 2009 valuations of certain of the company's investments and the valuation methodology and procedures used by the company to value its investments prior to 2010. Under the terms of the settlement, the company will not pay any penalty or other monetary amounts. The SEC also reached settlements with two current and one former executive officer of the company, who each agreed to pay certain civil monetary penalties. The company said, "This inquiry related to matters that occurred in the wake of the 2008 financial crisis and its significant adverse impact on the market valuations of investments. In 2010, we augmented our investment valuation methodology and procedures to, among other things, ensure that we take into account market-based activity, including during times of extreme market conditions, and we are pleased that this settlement allows us to put this legacy issue behind us."
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