Hedge Fund, CEO To Pay $2.4M To Settle CFTC Fraud Suit

Law360, New York (August 27, 2012, 9:38 PM EDT) -- Hedge fund operator Cornerstone Capital Management LLC and its former CEO agreed Monday to fork over more than $2.4 million to settle a U.S. Commodity Futures Trading Commission fraud suit in Georgia federal court alleging the group misled investors about their fund's value. 

In a consent order signed Monday by the CFTC, Cornerstone agreed to pay about $1 million and its former CEO, Joseph Profit Jr. agreed to pay $1.4 million, putting to rest a CFTC suit that alleged the firm boasted between $20 million and...
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Case Information

Case Title

Commodity Futures Trading Commission v. Cornerstone Capital Management, LLC et al

Case Number



Georgia Northern

Nature of Suit



Richard W. Story

Date Filed

January 30, 2007

Government Agencies

UK Financial Services

UK Financial Services

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