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The Securities and Exchange Commission filed an application in the U.S. District Court for the Eastern District of New York against Anthony Vicidomine and North East Capital, LLC alleging that they violated an SEC Order, the SEC claimed in a press release.

Vicidomine, the sole principal of North East Capital, misappropriated $189,415 from the firm and disbursed the monies directly into his own personal account, the agency alleges. The SEC found, after investigation, that these "incentive fees" were unearned. Therefore, it charged that Vicidomine misrepresented his role to investors.

Vicidomine and North East agreed to pay $189,415 to cover the misappropriated funds as well as a $150,000 civil penalty. Thus far, the parties have not made any of the required payments, the SEC claims in its suit.

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