CFTC Accuses Pa. Hedge Fund Of $2.2M Fraud

Law360, New York (April 5, 2011, 6:04 PM EDT) -- The U.S. Commodity Futures Trading Commission launched a lawsuit Tuesday against a Pennsylvania hedge fund and its founder, saying they bilked at least a dozen investors out of more than $2.2 million.

New Century Investment Management LLC and founder Ward Onsa concealed heavy losses from participants in a commodity pool that traded futures contracts on the Chicago Mercantile Exchange and misappropriated their investments for Onsa's personal gain, according to the CFTC complaint filed in the U.S. District Court for the Eastern District of Pennsylvania.

Between March...
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