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Beverley Hills hedge fund fraud halted

A hedge fund fraud that involved a pair of funds claiming to hold more than $800 million in assets has been halted, according to the US Securities and Exchange Commission.

In a statement, the regulatory body said the two funds lost money and contain less than $1 million.

Bradley Ruderman is alleged to have raised more than $38 million from investors via the two hedge funds, Ruderman Capital Partners and Ruderman Capital Partners A.

He is accused of falsely claiming that the investment vehicles held positions in established securities such as Wal-Mart Stores, Apple and Microsoft, as well as stating prominent people were investors in his funds, when they were not.

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