SEC charged Florida adviser with misrepresenting partnerships

The Securities and Exchange Commission today charged William L. Gunlicks and his firm, Founding Partners Capital Management Co. of Naples, Fla., with misrepresenting the investments the firm made through a series of partnerships that buy hospital receivables. The partnerships have allegedly raised $550 million from investors. The SEC also obtained a freeze on the defendant's assets and the appointment of a receiver. Beginning in 2004, the company began buying much riskier types of receivables without telling its investors, the SEC alleged. The agency also charged Mr. Gunlicks and Founding Partners with misusing fund assets to pay personnel expenses. Sean Casey, a lawyer at Mayer Brown LLP in New York, who represents Founding Partners and Mr. Gunlicks, declined to comment.