SEC Sues Ex-UBS Trader's Hedge Fund

Law360, New York (April 28, 2009, 12:00 AM EDT) -- A district court has ordered a freeze on the assets of a hedge fund founded by a former UBS Securities trader who is facing civil claims by the U.S. Securities and Exchange Commission that he scammed investors out of $31 million.

The SEC secured the asset freeze and a temporary restraining order against Fransesco Rusciano and his Connecticut-based Ponta Negra Group LLC after filing a complaint in the U.S. District Court for the Western District of Texas on Monday.

The commission alleges Rusciano, who is facing...
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