2 Texas hedge funds settle fraud case

WASHINGTON, Dec 22 (Reuters) – Two Texas hedge funds, their investment adviser and two executives agreed to pay a combined $37.7 million to settle charges of fraudulent market timing and late trading in mutual funds, federal and state regulators said on Thursday.

Veras Capital Master Fund and VEY Partners Master Fund, their investment adviser, Veras Investment Partners LLC, and its managing members, Kevin Larson and James McBride, agreed to settle without admitting or denying any wrongdoing.

The case was brought jointly by the U.S. Securities and Exchange Commission and New York Attorney General Eliot Spitzer. A separate matter was brought by the U.S. Commodities Futures Trading Commission.

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