Long Island Hedge Fund Bilked Clients Of $1M: SEC

Law360, New York (September 28, 2011, 6:42 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday accused the owner of a Long Island hedge fund of misrepresenting the potential of $867 million in investments and using more than $1 million of investors' money to buy himself luxury items.

According to the the suit, The NIR Group LLC and its founder Corey Ribotsky inflated projected returns on the AJW family of funds, a group of hedge funds targeted at private investment for public equity — or PIPE — investments, which financed smaller startups and distressed...
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