SEC Inks 1st Individual Deferred Prosecution Agreement

Law360, New York (November 12, 2013, 8:26 PM EST) -- The U.S. Securities and Exchange Commission said Tuesday it has made its first deferred prosecution agreement with an individual, in a case accusing a former hedge fund administrator of aiding and abetting the misappropriation of millions of dollars of investor funds.

The SEC’s deal with Scott Herckis, a former hedge fund administrator with Connecticut-based Heppelwhite Fund LP, is the first of its kind with an individual, though the SEC has used them to settle with corporations for the past few years in order to encourage cooperation...
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