SEC Says F-Squared Founder Owes $13M

Law360, Los Angeles (November 17, 2017, 10:14 PM EST) -- The U.S. Securities and Exchange Commission asked a Massachusetts federal judge Friday to levy a $13 million penalty on the ex-CEO of defunct stock-picking company F-Squared after a jury found him liable for lying about his company’s flagship investment product’s actual track record.

Howard Present owes $13 million in disgorgement after he lied to prospective investors, saying his company’s AlphaSector investment product had a sterling history dating to 2001, even though in reality it was largely based on an algorithm developed in 2008 by a college intern, the SEC said Friday.

If Present had stuck to the truth, he’d hardly have...

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