![\"\"](\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/02\/instant-messengers1.jpg\" "\\"instant-messengers1\\"")
<\/a>The SEC recorded hundreds of\u00a0supposedly\u00a0secure instant messages (IMs) sent\u00a0between Hunter World Markets Inc.\u00a0and the London-based hedge fund manager Absolute Capital Management Holdings Limited (ACMH).<\/p>\n\u201cBy manipulating U.S. stocks through a U.S. broker-dealer, they defrauded investors in offshore hedge funds and reaped millions of dollars from their illicit activities.\u201d \u00a0Rosalind R. Tyson, Director of the SEC\u2019s Los Angeles Regional Office, said.<\/p>\n
The SEC alleges that Florian Homm of Spain and Todd M. Ficeto of Malibu, Calif., conducted the scheme through their Beverly Hills, Calif.-based broker-dealer Hunter World Markets Inc. with the assistance of Homm\u2019s close associate Colin Heatherington, a trader who lives in Canada.<\/p>\n
“They brought microcap companies public through reverse mergers and manipulated upwards the stock prices of these thinly-traded stocks before selling their shares at inflated prices to eight offshore hedge funds controlled by Homm.” The SEC said.<\/p>\n
The manipulation of the stock prices allowed Homm to materially overstate by at least $440 million the hedge funds\u2019 performance and net asset values (NAVs) in a fraudulent practice known as \u201cportfolio pumping.\u201d<\/p>\n
Alex Akesson New York (HedgeCo.net) – The SEC has charged two securities professionals, a hedge fund trader, and two firms involved in a scheme that manipulated several U.S. microcap stocks and generated more than $63 million in illicit proceeds. The SEC recorded […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3],"tags":[],"class_list":["post-20864","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/20864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=20864"}],"version-history":[{"count":2,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/20864\/revisions"}],"predecessor-version":[{"id":20869,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/20864\/revisions\/20869"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=20864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=20864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=20864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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