Hedge Fund Creator Decries SEC's Attempt At D&O Ban

Law360, Los Angeles (March 11, 2013, 10:40 PM EDT) -- A hedge fund creator fighting accusations that he funneled investor funds into his molecular imaging company said Monday that it would be “totally unprecedented” if securities regulators were to bar him from serving as a director or officer of a public company.

The U.S. Securities and Exchange Commission wants to punish Patrick G. Rooney — who allegedly didn't inform investors that he had used $3.6 million from his Solaris Opportunity Fund LP to prop up his struggling microcap company, Positron Corp. — with a director-and-officer bar....
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