New York (HedgeCo.Net) – Connecticut-based hedge fund managers David Bryson, Bart Gutekunst and their advisory firm, New Stream Capital, LLC, have been accused of lying to investors about the capital structure and financial condition of their $750-plus million hedge fund focused on illiquid investments in asset-based lending.
The SEC also charged New Stream Capital (Cayman), Ltd., a Caymanian adviser entity affiliated with New Stream, Richard Pereira, New Stream’s former CFO, and Tara Bryson, New Stream’s former head of investor relations, for their role in the scheme.
The SEC alleges that the hedge fund fraudulently raised nearly $50 million in new investor funds on the basis of misrepresentations. The hedge fund was facing $545 million in redemption requests when they filed for Chapter 11 bankruptcy in March 2011.
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