{"id":21237,"date":"2011-03-16T08:41:33","date_gmt":"2011-03-16T12:41:33","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=21237"},"modified":"2011-03-16T08:44:00","modified_gmt":"2011-03-16T12:44:00","slug":"sec-accuses-juno-hedge-fund-managers-of-1-8-million-fraud","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/03\/2011\/sec-accuses-juno-hedge-fund-managers-of-1-8-million-fraud.html","title":{"rendered":"SEC Accuses Juno Hedge Fund Managers of $1.8 Million Fraud"},"content":{"rendered":"

\"\"<\/a>New York (HedgeCo.net) – Two hedge fund founders, Eugenio Verzili and Arturo Rodriguez, have been sued by the SEC for misappropriating $1.8 million from one of their hedge funds, Juno Mother Earth Asset Management.<\/p>\n

The SEC alleged in Federal court yesterday that the team mis-characterized at least 41 separate withdrawals from the Resources Fund as payment of Resources Fund’s expenses when, in fact, Defendants used the transferred cash for their own benefit.<\/p>\n

“This action concerns defendants’ multi-faceted scheme to defraud a hedge fund under their control, as well as the investors in the fund, and the defendants’ failure to comply with their fiduciary obligations to the hedge fund,” the SEC said.<\/p>\n

Courthouse News Services reports that: “From at least 2007 to the present, Juno, Verzili and Rodriguez: (a) misappropriated approximately $1.8 million of assets from a Juno advised hedge fund; (b) fraudulently concealed their misappropriation from the fund’s independent directors; (c) inflated and misrepresented Juno’s assets under management (‘AUM’) by approximately $40 million; (d) filed false Forms ADV with the Commission that, among other things, failed to disclose transactions between Juno and the hedge fund; (e) concealed Juno’s precarious financial condition; and (f) misrepresented the amount of capital certain Juno partners had invested in a Juno-advised fund.”<\/p>\n

The SEC “seeks disgorgement, an injunction and penalties.”<\/p>\n

Alex Akesson
\nEditor for HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a> is a premier hedge fund database<\/a> and community for qualified and accredited investors only. Membership in HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.net) – Two hedge fund founders, Eugenio Verzili and Arturo Rodriguez, have been sued by the SEC for misappropriating $1.8 million from one of their hedge funds, Juno Mother Earth Asset Management. The SEC alleged in Federal court […]<\/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-21237","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\/21237","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=21237"}],"version-history":[{"count":3,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/21237\/revisions"}],"predecessor-version":[{"id":21247,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/21237\/revisions\/21247"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=21237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=21237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=21237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}