Saturday, 4 July 2015
Last updated 23 hours ago
Dec 10 2012 | 5:37am ET
The Securities and Exchange Commission has expanded its lawsuit over a pair of Pacific Northwest hedge funds.
The regulator added three people to its complaint against Grifphon Asset Management and founder Yusaf Jawed. Benjamin Daniels, Dominic O'Dierno and Stephen Persad jointly took home almost $800,000 in commissions for pushing investors towards Grifphon, which the SEC said was a Ponzi scheme.
The three men agreed to settle the allegations. None were accused of having knowledge of Jawed's alleged scheme, which investigations say cost clients $37 million.
Jawed and a former business partner, Lyman Bruhn, are currently under criminal investigation for their alleged misdeeds. Bruhn is also accused by the SEC of running a Ponzi scheme at his hedge funds, Sasquatch Asset Management and Pearl Asset Management.
In September, the SEC sued both men and their lawyers. They also face a large number of lawsuits filed by investors.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…