Wednesday, 10 February 2016
Last updated 50 min ago
Oct 12 2006 | 3:14pm ET
A Utah man has been slapped with an enforcement action over an alleged $14 million hedge fund fraud.
The Commodity Futures Trading Commission filed a civil enforcement action against William Perkins in federal court in Camden, N.J., late last month, alleging his Universe Capital Appreciation commodity pool marketed to investors with less than $100,000. On a Web site, Perkins claimed his “superfund” was returning approximately 100% per year.
In fact, he invested only part of the $43 million he collected between January 2002 and March 2004 in commodity futures. According to the CFTC, he “lost, misappropriated or dissipated” about $13.6 million.
The regulator is seeking disgorgement of ill-gotten gains, restitution and civil penalties.