{"id":37251,"date":"2013-08-07T13:05:41","date_gmt":"2013-08-07T17:05:41","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=37251"},"modified":"2013-08-07T13:09:12","modified_gmt":"2013-08-07T17:09:12","slug":"hedge-fund-manager-targeting-veterans-charged-by-sec","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2013\/hedge-fund-manager-targeting-veterans-charged-by-sec.html","title":{"rendered":"Hedge Fund Manager Targeting Veterans Charged BY SEC"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/08\/Veterans_Day.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-37258 alignright\" alt=\"Veterans_Day\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/08\/Veterans_Day.jpg\" width=\"322\" height=\"259\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/08\/Veterans_Day.jpg 322w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/08\/Veterans_Day-300x241.jpg 300w\" sizes=\"auto, (max-width: 322px) 100vw, 322px\" \/><\/a>New York (HedgeCo.Net) &#8211; A 26 year old hedge fund manager has been charged by the SEC for\u00a0targeting veterans and\u00a0military personnel as investors in a hedge fund Ponzi scheme, raising approximately $1.78 million from 24 investors.<\/p>\n<p>&#8220;Cohn lured investors through his Veterans Financial Education Network, which purported to help veterans manage their money and by touting annualized returns reaching triple digits.&#8221; Reuters says.<\/p>\n<p>The Chicago-based\u00a0hedge fund, Marketaction Capital Management,\u00a0lost every penny of the investments made as a &#8220;result of unsuccessful trading and bad investment choices,&#8221; the SEC says.\u00a0Cohn has used the rest of the investors\u2019 proceeds to support his\u00a0lavish lifestyle, in order to perpetuate the carefully contrived image of a successful trader and investor.<\/p>\n<p>Cohn concealed losses from his investors by lying about the\u00a0fund\u2019s performance, the SEC says, &#8220;By fabricating investor account statements; by forging\u00a0brokerage statements; and by using new investor money to pay redemptions to\u00a0earlier investors.&#8221;<\/p>\n<p>After several investors requested\u00a0redemptions simultaneously, Cohn refused to honor their requests, claiming\u00a0that unspecified liquidity problems have temporarily delayed such redemptions.<\/p>\n<p>The SEC seeks disgorgement and civil penalties from Cohn stemming\u00a0from his violations of securities laws.<\/p>\n<p>Alex Akesson<br \/>\nEditor for\u00a0<a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.Net<\/a>\u00a0is a premier\u00a0<a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\">hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; A 26 year old hedge fund manager has been charged by the SEC for\u00a0targeting veterans and\u00a0military personnel as investors in a hedge fund Ponzi scheme, raising approximately $1.78 million from 24 investors. &#8220;Cohn lured investors through [&hellip;]<\/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-37251","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\/37251","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=37251"}],"version-history":[{"count":4,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37251\/revisions"}],"predecessor-version":[{"id":37257,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37251\/revisions\/37257"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=37251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=37251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=37251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}