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.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment