SEC v. Ambassador Capital Management, LLC and Derek H. Oglesby (2014)

Judgment entered

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In September 2014 an SEC administrative law judge found that money market fund adviser Ambassador Capital Management and portfolio manager Derek Oglesby misled the fund's board about its Italian exposure and compliance, and imposed penalties of $695,000 and $126,000. The case does not concern a benchmark.

The record

What was ordered

Civil penalty

$821k

Disgorgement

—

Prejudgment interest

—

Total relief

$821k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

An SEC administrative law judge issued this initial decision on September 19, 2014, after a hearing in May 2014.

The decision finds that Ambassador Capital Management made misrepresentations to the board of trustees of the Ambassador Money Market Fund about its exposure to Italy and about compliance with diversification and maturity limits, that Oglesby aided and abetted some of these violations, and that both caused the fund to breach Rule 2a-7 of the Investment Company Act. It is an investment-adviser and money-market-fund compliance case with no benchmark submission or rate rigging.

The record previously carried the benchmark submission tag, which the decision does not support, so it now carries no technique tag. Its penalty field was empty and its defendant names were spliced.

The judge censured Oglesby, barred the firm from association with any investment company, and ordered civil penalties of $695,000 against the firm and $126,000 against Oglesby, a combined $821,000. The decision was open to petition for review.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Timeline

1. 2014-09-19 Initial decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• Initial decision (ID-672)
• Order instituting proceedings
• Finality order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.