Disgraced Hedge Fund Execs Drop $4.6M

Law360, New York (January 25, 2007, 12:00 AM EST) -- The two-person brainchild of fraudulent hedge fund HMC International LLC has consented to pay a combined $4.6 million to settle charges that it bilked investors out of at least that much money.

As part of the deal, former fund manager Robert M. Massimi will pay $1.34 million in disgorgement and interest, plus a $120,000 civil penalty, while former fund trader Bret A. Grebow will pay $3 million in disgorgement and interest, plus a $120,000 civil penalty.

Moreover, neither Massimi nor Grebow will ever again be allowed...
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