CORRECTED: Hedge Fund Manager Can't Dismiss SEC's Attempt At Ban

Law360, New York (May 16, 2013, 6:38 PM EDT) -- A hedge fund manager accused of misusing investor assets lost a motion Thursday to dismiss the U.S. Securities and Exchange Commission's request for a ruling that would bar him from serving as director or officer of a public company, according to an Illinois federal court filing. 

U.S. District Judge Charles P. Kocoras denied Patrick G. Rooney's motion to dismiss the so-called D&O bar, a common sanction in SEC fraud cases. The agency alleges Rooney failed to inform investors he had used $3.6 million from his Solaris Opportunity Fund LP to prop up his struggling molecular imaging company, Positron Corp.

Rooney argued...

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