SEC Charges Hedge Fund Adviser With “Cherry Picking”

On September 9, 2008, the Securities and Exchange Commission filed a civil complaint in the United States District Court for the Southern District of New York charging James C. Dawson, an individual investment adviser, with securities fraud and investment adviser fraud.  The SEC’s complaint alleges that Dawson, the investment adviser and sole general partner of an unregistered hedge fund, carried out a scheme in which he “cherry-picked” profitable trades for his own account, thereby harming his clients and unjustly enriching himself at their expense.

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