Texas Federal Court Orders Emergency Relief after SEC Accuses Connecticut-Based Hedge Funds of Fraud

On April 27, 2009, the U.S. District Court for the Western District of Texas issued an emergency order freezing the assets of a Connecticut-based hedge fund manager, Francesco Rusciano, and the funds, Ponta Negra Fund I, LLC and Ponta Negra Offshore Fund I, Ltd., which he controls through Ponta Negra Group, LLC.  The Securities and Exchange Commission (SEC) accused the defendants of forging documents, making false promises to clients and misrepresenting the assets under management.  We outline the allegations in the SEC’s complaint.

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