San Francisco Chronicle – Federal regulators accused a Marin County investment adviser Thursday of raising more than $4.5 million for a purported hedge fund with the help of a fabricated audit.
In a U.S. District Court lawsuit, the Securities and Exchange Commission said James Michael Murray had defrauded investors in his fund, Market Neutral Trading, by sending them a report from a supposedly independent auditor. The document, which overstated the fund’s gains by about 90 percent, actually came from “a Murray-controlled shell company,” the commission said.
