SEC Accuses Former Portfolio Manager of Hedge Fund Millennium Global Emerging Credit Fund and Broker-Dealer Accomplice of Fraud in Conspiring to Inflate the Fund’s NAV

In parallel civil and criminal actions, the SEC and DOJ, respectively, brought charges alleging hedge fund valuation fraud.  Like the LeadDog matter described above, the SEC action was brought as part of the Enforcement Division’s Aberrational Performance Inquiry.  This article describes the factual and legal allegations, and sheds additional light on what the Aberrational Performance Inquiry means for hedge fund managers.

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