The Securities and Exchange Commission charged a former hedge fund manager with allegedly defrauding his clients by charging them excess management fees and then using the money to buy a Porsche and remodel his home, the agency announced on Wednesday.
The SEC said that Sean Cooper, 48, who managed a hedge fund for the San Francisco-based investment advisory firm WestEnd Capital Management LLC, illegally took out $320,000 from the fund in what he claimed were management fees. The amount surpassed the 1.5 percent of each investor’s capital account balance that the firm told its clients it was taking in annual management fees, said the SEC. Cooper’s collection of these fees allegedly began in March 2010, continuing through April 2012, when the SEC decided to launch an onsite examination of WestEnd.
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