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SEC: Hedge Fund Operator Ripped Off Millions

Law360 (November 9, 2006, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has filed fraud charges against the leader of several San Francisco-based hedge funds, saying that he misappropriated millions from investors.

A federal court froze the assets of Edward Ehee, his family, and the investment advisory firms he controls on Wednesday. Ehee raised more than $5 million from about 18 investors, including several senior citizens, but used the money for personal expenses rather than investing it, the SEC says.

The complaint filed in the U.S. District Court for the Northern District...
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