New York (HedgeCo.net) – The former Chief Compliance officer of an Idaho hedge fund has been charged with fraud for misappropriating $650,000 in investor funds, the SEC said in a release today.
The SEC alleges that between 2007 and 2009 David D. Hepworth used the hedge fund he worked at, the $30 million Interfund Capital Corp., as a private fund to pay for unauthorised personal expenses, among other charges.
Without admitting or denying the charges, Hepworth has agreed to be barred from the industry.
The SEC claims Hepworth was able to carry out the fraud undiscovered because the he didn’t provide investor statements and he was fudging the numbers. Hepworth was terminated at the hedge fund in 2009.
Alex Akesson
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