NY Hedge Fund Manager Can't Skip Out On $5M SEC Fine

Law360, Los Angeles (March 25, 2014, 9:18 PM EDT) -- A New York federal judge on Tuesday ordered a former asset manager accused of swindling his clients to pay a U.S. Securities and Exchange Commission-recommended $5.1 million in disgorgement and fines.

U.S. District Judge John G. Koeltl ruled that Walter Gerasimowicz, the sole manager of Meditron Asset Management LLC and several other units named in the SEC’s order, must pay $3.1 million in disgorgement and a $2 million civil penalty for securities law violations, according to the decision.

Gerasimowicz had argued in district court that he...
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