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Additional Information

Not BBB accredited

Additional Information for Kiso Capital, LP

View full profile
Location of This Business
99 Almaden Blvd STE 333, San Jose, CA 95113-1604
BBB File Opened:
1/12/2023
Licensing Information:
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Additional Business Information
Government Actions
Government Action: BBB reports on known government actions involving business’ marketplace conduct:
DFPI vs Kiso Capital, LP

Beginning in or about January 2021, Kiso provided investment advisory services to a pooled investment vehicle, Kiso Capital, LP (The Fund), and recommended to members of the public, to invest money in The Fund. At all relevant times, Kiso was the investment manager of The Fund and had discretionary authority on how The Fund invested its money, including investing in debt instruments, warrants, and options. 

 

From February 2021 - June 2023, Kiso provided investment advisory services to the Fund and collected at least $172,043.11 in management fees and $99,203.69 in performance-based fees. At all relevant times, neither the Department nor the United States Securities and Exchange Commission have issued an investment adviser certificate to any of the respondents. 

 

From February 2021 - June 2023, Kiso charged performance-based fees to at least 41 investors of the Fund, totaling at least $99,203.69. Of the 41 investors of the Fund, of which were charged performance fees, 40 investors were not “Qualified Client[s]” At all relevant times, Kiso had custody of client funds and securities by having signatory authority on The Fund’s bank accounts, and authority to make withdrawals or transfers to outside accounts. However, between February 10, 2021, through September 30, 2023, Kiso failed to follow relevant safekeeping requirements

 

Based on the foregoing findings, the Commissioner is of the opinion that Kiso has conducted business as an investment adviser in this state without first securing from the Commissioner a certificate, authorizing them to do so. Pursuant to Corporations Code section 25532, Kiso Capital Management I, LLC and Damon Doe are hereby ordered to desist and refrain from acting as an investment adviser in the State of California unless and until he has first applied for and secured from the Commissioner a certificate, authorizing them to act as an investment adviser, or unless exempt.  

 

Based on the foregoing findings, the Commissioner finds that Kiso collected from the 2 3 4 5 State of California - Department of Financial Protection and Innovation California pooled investment vehicle, while engaged in unregistered investment advisory activities, in an amount of $271,246.80. Full Disgorgement, consisting of the total investment advisory fees collected by Kiso, in the amount of $172,043.11 in management fees and $99,203.69 in performance-based fees, totaling $271,246.80, or according to proof. 

 

Based upon the foregoing, the Commissioner finds that grounds exist, and that it is in the public interest, to issue the following orders: (1) desist and refrain orders against Kiso Capital, LP, Kiso Capital Management I, LLC, and Damon Doe; and (2) claim for ancillary relief against Kiso Capital Management I, LLC and Damon Doe, in the form of disgorgement, totaling $271,246.80. The Commissioner hereby notifies Kiso Capital, LP, Kiso Capital Management I, LLC, and Damon Doe of her intention to make such orders final. 

Business Categories
Investment Advisory Services

Government Action: BBB reports on known government actions involving business’ marketplace conduct:

Gov. Action
December 27, 2022 The following describes a Consent Order that has been formally brought by a government agency. The Department of Financial Protection and Innovation alleges, and charges as follows:

Under California Code of Regulations, Title 10, Section 1422.4 (Regulation 1422.4),
which went into effect on October 1, 2021, all CFL licensees were required to transition to the Nationwide Multistate Licensing System and Registry (NMLS) by December 31, 2021. On December 16, 2021, Complainant extended the deadline to transition to NMLS to March 15, 2022. On March 7, 2022, Complainant again extended the deadline to transition to NMLS to March 31, 2022.

Complainant provided notice of this requirement to Respondent - via email to the
Designated Email Address of each CFL licensee on July 20, 2021, September 16, 2021, October 14, 2021, November 8, 2021, and December 16, 2021. Complainant also provided notice via email to each CFL licensee that had not yet transitioned to NMLS, including Respondent, on March 7, 2022, and again via email and mail on March 28, 2022. Complainant provided further notice of this requirement over the telephone - Complainant made at least two calls to the designated telephone number provided by each CFL licensee, including Respondent - between February 1 and March 15, 2022.

Complainant determined that Respondent was in violation of Regulation 1422.4 and
had not transitioned management of its CFL license to NMLS as of July 29, 2022. Accordingly, Complainant issued a Citation on that date pursuant to Financial Code section 22707.5, subdivision (a). The Citation included an order to correct the violation and an order to pay an administrative fine in the amount of $2,500.00 to the Commissioner by September 27, 2022.

Complainant served the Citation on Respondent via certified mail on July 29, 2022 and by electronic mail at Respondent's Designated Email Address on July 29, 2022. To date, Respondent has neither complied with the order to correct the violation by transitioning its license to NMLS nor paid the administrative fine.

To access the full Department of Financial Protection and Innovation press release, please visit: https://dfpi.ca.gov/wp-content/uploads/sites/337/2022/12/Consent-Order-Kiso-Capital-LP.pdf?emrc=5bfcfe

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