The Securities and Exchange Commission has charged West Palm Beach, Fla.-based hedge fund advisory firm Weston Capital Asset Management and its founder and president Albert Hallac with fraudulently transferring money from one investment to another without informing investors. Hallac and another individual are alleged to have later pocketed some of the money.
According to the SEC, Weston and Hallac illegally drained more than $17 million from the Weston-managed hedge fund Wimbledon Fund SPC Class TT Segregated Portfolio. They transferred the money to a consulting and investment firm known as Swartz IP Services Group Inc. This transfer contravened the investment strategy and objective of the TT Portfolio and was not disclosed to investors.
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