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SEC Falls Short In Bid To Revive Claims Against Hedge Fund

Law360 – A Georgia federal judge Tuesday refused to reconsider his decision to narrow claims brought by the U.S. Securities and Exchange Commission in an enforcement action accusing two hedge fund managers and their firms of fraud.

U.S. District Judge William S. Duffey Jr., Tuesday refused the SEC’s request to reconsider a prior ruling gutting their valuation claim in an enforcement action brought in October 2010 against Paul Mannion Jr., Andrew Reckles and their firms, PEF Advisors LLC and PEF Advisors Ltd.

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