A hedge fund whiz kid who bragged publicly that his fund’s sky-high returns let him fly around in private jets and buy a new Lamborghini was in fact running a classic Ponzi scheme, the Securities andExchange Commission charged yesterday.
Regulators froze the personal assets of Bret Grebow, a trader at HMC International LLC, a Montvale, N.J.-based hedge fund.
Grebow and the fund’s portfolio manager, Robert Massimi, were accused of “ongoing fraud” that began in 2001 and ran for more than four years, according to the rare emergency action filing.
