Forbes – There may be a God after all. The Securities and Exchange Commission managed to shut down an allegedly fraudulent hedge fund in Beverly Hills before it was able to attract investors.
The hedge fund’s principal Elijah Bang and salesperson Daniel Lee targeted retirees including university professors by promising annual returns of at least 12%, according to the SEC.
Bang was also looking to attract religious investors by playing up his Christian faith. According to the SEC’s complaint, included on the hedge fund’s website was the IU Group’s claim that it was founded by “devoted Christians who believe in God, Jesus Christ, and the Holy Spirit.” I don’t think the Holy Trinity would appreciate the sentiment Bang was going for there.
