SEC Accuses Hedge Fund Manager of Fraud

WSJ – The Securities and Exchange Commission accused NIR Group LLC’s Corey Ribotsky of fraud, alleging that the Long Island, N.Y., hedge-fund manager and his firm hid losses and spent investors’ money on cars, a Rolex watch and other luxuries.

The SEC filed its civil complaint against Mr. Ribotsky, his firm and Daryl Dworkin, a former NIR analyst who last year pleaded guilty to federal prosecutors’ allegations of securities fraud tied to the same probe.

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