SEC Accuses Hedge Fund Manager Of Concealing $30 Million In Losses
The US Securities and Exchange Commission has filed suit against a Massachusetts-based
hedge fund manager who fraudulently concealed around $30 million in losses from
the fund's investors. In its suit, filed in the US District Court for the District of Massachusetts,
the SEC alleged that when Mark Conway lost the money as a result of a large
setback in 2000, he began the cover-up, violating the fund's investment strategies,
and falsifying information on financial statements, profit and loss records,
and information sent to investors. The SEC complaint went on to reveal that although the fund's balance sheets
show around $43 million in assets, it is really only worth $14 million. The financial regulator has asked the court to impose a fine, and to make Mr
Conway return any illegally obtained gains. .
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