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SEC Targets New Hedge Fund In 800K Fraud

Law360 (November 30, 2005, 12:00 AM EST) -- The U.S. Securities and Exchange Commission, stepping up its policing of the lightly regulated $8 trillion hedge fund industry, has sued a money manager that controlled $200 million at one time but lost most of those assets while hiding debt.

Vincent A. Lenarcic Jr. and New Vision Investment Funds LLC were accused by the agency of securities and investment adviser fraud in connection with hedge fund Fundamental Growth Investors LP.

The complaint alleges that Lenarcic funneled proceeds of securities sales to North Carolina-based New Vision and...
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