Summary Box: 2 fund managers charged by SEC

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CHARGES AGAINST FUND MANAGERS: Federal regulators filed civil charges against two managers of investment funds that buy stocks of privately held Internet companies like Facebook. They were accused of misleading investors and failing to disclose fees.

ONLINE EXCHANGE FOR HOT STOCKS: In addition the Securities and Exchange Commission settled charges with SharesPost, an online exchange for trading stock in companies before they go public, and its CEO. The market for that kind of stock has been growing fast, and the SEC has been investigating it for a year. The agency said SharesPost failed to register as a brokerage.

DEAL WITH A FUND MANAGER: The SEC reached a settlement with one of the managers it charged, Laurence Albukerk, and his firm EB Financial Group. Charges are pending against the other manager, Frank Mazzola, and his firms Felix Investments and Facie Libre Management Associates.