WASHINGTON (Reuters) – A Salt Lake City hedge fund adviser and its principals were charged with using much riskier trading strategies than described to investors, resulting in the near-total loss of assets in two funds, the U.S. Securities and Exchange Commission said on Tuesday.
The SEC filed a lawsuit accusing Thompson Consulting Inc, Kyle Thompson, David Condie and Sherman Warner of fraud, saying that the fund’s deviations from stated investment strategies — including subprime-related investments — resulted in losses of about $60 million (30 million pounds).
The SEC is seeking civil penalties and disgorgement of ill-gotten gains against the defendants.
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