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Hennessee Group and co-founder settle with SEC over due diligence on Bayou hedge funds

Los Angeles Times – When a well-known investment advisor gave the Securities and Exchange Commission some unsolicited advice this week about protecting investors in hedge funds, he had already been talking to the agency about his own behavior.

About half an hour before Charles J. Gradante issued a public call Wednesday for the SEC to "reduce fraud and systemic risk" in the hedge fund industry, the SEC charged him with failure to perform due diligence on the Bayou hedge funds — one of the industry’s biggest scams in recent years.

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