Hedge Fund Advisor Settles With SEC

Law360 (October 2, 2007, 12:00 AM EDT) -- A court on Thursday approved a settlement in a securities fraud enforcement case brought by the U.S. Securities and Exchange Commission against Mark Conway, a former partner of hedge fund Groundswell Partners LLC, enjoining Conway from violating securities laws in the future.

Conway will not pay any monetary penalty under the settlement since he was already hit with a criminal penalty of $20 million and a seven-year prison sentence for his alleged fraud in May, the SEC said in a press release.

The SEC filed its suit in the U.S. District Court for the District of Massachusetts in 2005, saying Conway...

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