Ex-Hedge Fund Manager Spared Fine

Jul 21 2011 | 11:36am ET

Roman Lyniuk will never be a hedge fund manager again, but he won't pay for his alleged crimes in the strictest sense of the term.

The Securities and Exchange Commission has waived the $5.2 million fine it planned to impose on the Atlantis Capital Management founder. Lyniuk was found to have defrauded investors by providing misleading performance results and by paying himself and his friends while investors waited for their redemptions.

Lyniuk's fine was waived based on statements he made and documents he submitted to the SEC, though it is unclear what that evidence showed.

Lyniuk has been barred from the investment industry.

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