International Herald Tribune – A Silicon Valley hedge fund manager has been arrested in Hong Kong on charges that he bilked investors out of at least $5 million.

According to a criminal complaint unsealed Wednesday in San Jose federal court, Albert Hu faces six counts of wire fraud charges for an investment fraud scheme involving hedge funds he administered from 2002 to 2008, the San Jose Mercury News reported.

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Lethbridge Herald - The top cop at the U.S. Securities and Exchange Commission is leaving the government less than a week after receiving an angry dressing-down before Congress over the agency’s failure to detect a massive alleged fraud scheme.

The SEC said Monday that Linda Thomsen is leaving to pursue opportunities in the private sector, but did not provide further details. She has been the agency’s enforcement director since May 2005, under two previous SEC chairmen.

A replacement for Thomsen wasn’t named. The leading candidate was Robert Khuzami, a former federal prosecutor who is managing director and general counsel of investment firm Deutsche Bank.

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