Report: Hedge Fund NIR Face Criminal Probe

Jul 27 2009 | 12:48pm ET

NIR Group’s legal troubles may be going from bad to much, much worse.

The Long Island hedge fund and its manager, Corey Ribotsky, are the subject of a criminal probe to determine if they misled investors about returns, The Wall Street Journal reports. The news comes in the wake of a second lawsuit filed against NIR accusing it of lying about its performance.

The story of the criminal probe reportedly comes from a disgruntled former employee of the Roslyn, N.Y.-based hedge fund.


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