July, 2012:

In the Matter of Centaur Management Co. LLC

The United States Securities and Exchange Commission (Commission) recently announced the issuance of an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (Order) against Centaur Management Co. LLC (Centaur Management). The Order finds that Centaur Management directed its client, Argent Classic Convertible Arbitrage Fund L.P. (Argent Classic), to provide Centaur Management with approximately $15 million in interest free loans made bi-weekly in amounts between $133,000 and $1,500,000 to fund the payroll for employees who provided management and accounting services for Argent Classic and up to fourteen related funds, without adequately disclosing the loans to Argent Classic’s investors.

Based on the above, the Order directs Centaur Management to cease and desist from committing or causing any violations and any future violations of Sections 206(2) and 206(4) of the Advisers Act and Rule 206(4)-8 thereunder; censures Centaur Management; and directs Centaur Management to pay a civil penalty of $150,000, disgorgement of $172,438, and prejudgment interest of $41,884, which is to be deposited into a Fair Fund for the benefit of investors. Centaur Management consented to the issuance of the Order without admitting or denying any of the Commission’s findings. (Rel. IA-3432; File No. 3-14950)