Fund Manager Agrees To Disgorgement In Ponzi Case

Law360, New York (September 24, 2009, 7:57 PM EDT) -- Brooklyn money manager Philip Barry has reached an agreement with the U.S. Securities and Exchange Commission to disgorge an unspecified amount in ill-gotten gains and civil penalties in connection with an alleged $45 million investment fund Ponzi scheme.

The U.S. District Court for the Eastern District of New York approved a consent decree and final judgment Wednesday between Barry, who ran three firms including Leverage Options Management Co., and the SEC from July 2009.

The judgment requires Barry to pay disgorgement of ill-gotten gains, prejudgment interest...
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