Hedge Fund Creator Funneled $3.6M To Troubled Co.: SEC

Law360, New York (November 22, 2011, 7:19 PM EST) -- U.S. securities regulators have sued the creator of a hedge fund for failing to tell investors he funneled more than $3.6 million from the fund to a microcap company he also led, the regulators said Tuesday.

Oakbrook, Ill., resident Patrick G. Rooney hid from investors the fact that he was taking money out of his Solaris Opportunity Fund LP to support Positron Corp., a financially troubled molecular imaging company of which Rooney has served as chairman since 2004, according to a complaint filed by the U.S....
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