PE Fund Manager Took $9M For Personal Use: SEC

Law360, New York (January 17, 2012, 1:21 PM EST) -- The U.S. Securities and Exchange Commission on Tuesday filed a securities fraud suit in Missouri against a St. Louis-based private equity fund manager, accusing him of bilking investors out of more than $9 million and using the funds for personal expenses.

The SEC says Burton Douglas Morriss, CEO of private equity fund management company Acartha Group, funneled about $9.1 million of investors' funds to himself and his family's holding company from 2005 to 2011. Morriss used the funds to pay off personal loans, make alimony payments...
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