Investigation of Seized Hedge Fund Highlights Risks

(Wall Street Journal) – GIBRALTAR—On this tiny Mediterranean peninsula, a hedge fund run by a polo player has been seized by regulators, as part of a global probe into offshore funds, highlighting the risks lurking in this lightly regulated, multibillion-dollar market.

For four years, Richard Fagan’s Kijani commodities fund seemed to thrive in financing what it billed as environmentally friendly gold, oil and timber deals. The fund managed about $130 million and boasted average annual returns of 25%, according to the fund’s marketing documents….

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