According to futuresmag The Securities and Exchange Commission today separately
charged a pair of hedge fund managers and their firms with lying to investors
about how they were handling the money invested in their respective hedge
funds. The charges are the latest in a series of actions taken by the SEC
Enforcement Division and its Asset Management Unit against hedge fund-related
misconduct in the markets.
In one case, the SEC alleges that San Francisco-based hedge
fund manager Hausmann-Alain Banet and his firm Lion Capital Management stole
more than a half-million dollars from a retired schoolteacher who thought she
was investing her retirement savings in Banet’s hedge fund. In the other case,
the SEC charged Chicago-based hedge fund managers Norman Goldstein and Laurie
Gatherum and their firm GEI Financial Services with fraudulently siphoning at
least $147,000 in excessive fees and capital withdrawals from a hedge fund they
managed….
Read more at http://www.futuresmag.com/2012/10/03/sec-charges-hedge-fund-managers-with-defrauding-in
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