In 2019, the SEC and CFTC both issued settled administrative orders against a portfolio manager for an unnamed hedge fund adviser (Adviser), who allegedly used different valuation model inputs for similar assets to generate paper profits for the fund that he managed – and unwarranted bonuses for himself. Although both resolutions included a three-year industry bar, the portfolio manager allegedly continued to work as an adviser, raising money individually and through a separate entity, and diverting that money for his own use and to pay promised returns to other clients in a Ponzi-like scheme. In October 2021, the SEC and CFTC filed parallel enforcement actions against the portfolio manager; his spouse, who was named as a relief defendant; and the separate entity. All three defendants recently agreed to settle those actions and consented to the issuance of final judgments against them. This article details the alleged fraudulent misconduct; the SEC and CFTC enforcement actions; and the terms of the settlements. See “SEC, CFTC and DOJ Take Action Against Alleged $1‑Billion Valuation Fraud” (Mar. 17, 2022); and “SEC Sanctions and Bars Adviser’s Principal and Three Employees for Fraudulent Valuation Practices” (Dec. 2, 2021).