Denver Post – A federal judge in Denver has ordered a Tennessee money manager – accused of fraud by federal regulators – to pay $1 million to an Evergreen- based hedge fund.
U.S. District Judge Richard Matsch last week awarded triple damages to the Cascade Fund, a small hedge fund that lost $320,000 of a $1 million investment it put under the management of Jon E. Hankins of Knoxville, Tenn.
Cascade sued Hankins in June, claiming he misled the fund about the performance of his other investments.
Cascade said Hankins lost its money by betting against Google’s stock in April and May and covered up the losses. Hankins sold Google shares short – a way of profiting if a stock’s value declines. But the shares rose more than 50 percent during the two months.
