The SEC recently obtained a final judgement against an unregistered investment adviser who allegedly ran a 10‑year Ponzi-like scheme that defrauded, among others, several hedge funds. The SEC and DOJ claimed that, over a decade, the adviser used funds raised from new investors, along with additional investments from existing investors, to make redemption payments to other investors, pay himself and satisfy unrelated obligations. This article details the facts and circumstances underpinning the alleged fraud; the government’s allegations; and the terms of the civil and criminal resolutions. See “SEC Prevails Against Hedge Fund Manager and Its Principal for Ponzi‑Like Scheme” (Sep. 6, 2018).