Hedge Fund Owner Settles SEC Case For $5M

Law360, New York (July 2, 2008, 12:00 AM EDT) -- A hedge fund manager agreed Tuesday to pay more than $5 million as part of a settlement with the U.S. Securities and Exchange Commission, which alleged he helped his bosses embezzle tens of millions of dollars in investors' cash.

Francis J. Saldutti, part owner of co-defendant Northshore Asset Management LLC, agreed to the consent order without admitting or denying the SEC's claims.

Judge William H. Pauley III of the U.S. District Court for the Southern District of New York entered final judgment against Saldutti on Tuesday,...
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