SEC Charges Fund Manager for Fraud in Securities Offering in Neiman Marcus Bankruptcy

The Securities and Exchange Commission today charged Daniel Kamensky, co-chair of the unsecured creditors committee in the Neiman Marcus Group Ltd. LLC Chapter 11 bankruptcy proceedings, with abusing his position on the committee to attempt to benefit a New York-based management firm that he founded and where he served as Managing Partner and Portfolio Manager. As co-chair of the unsecured creditors committee, Kamensky acted as a fiduciary to all unsecured creditors. The SEC's complaint alleges that Kamensky sought to take advantage of his role on the committee to manipulate a bidding process to benefit the portfolio he managed, and at the expense of the unsecured creditors.