Alumni Ventures Group is the latest private investment firm to get in trouble for saying one thing and doing another, when it comes to the fees it charges to limited partners.

Driving the news: The SEC found that AVG told LPs in marketing materials that they would be charged the "industry standard" of 2% management fees and 20% carried interest. But, rather than charging the management fees on an annual basis, as is industry standard, AVG charged 20% upfront (i.e., 2% times 10 years). READ MORE