Investment Manager Settles SEC Fee Inquiry for $1.57 Million

The owner of an investment management firm agreed to pay the SEC nearly $1.6 million to resolve allegations he failed to tell investors about his receipt of millions of dollars in fees.

Maxwell Drever, chair and owner of Drever Capital Management LLC, disclosed the total amount of fees and costs for a project to investors, but didn’t tell them some of those fees would go to him, the Securities and Exchange Commission said. Drever didn’t admit the agency’s findings as part of the settlement.

Drever, who lives in California, raised around $53 million from investors as part of an ...