The SEC announced fraud charges against San Francisco-based Nicolas M. Mitsakos and his investment advisory firm Matrix Capital Markets. The SEC alleges that Mitsakos and Matrix solicited investors in a purported hedge fund while falsely marketing themselves as experienced money managers with a highly successful track record. They claims assets under management in the millions when in fact they did not manage any client assets at all. When they were given $2 million in client assets to manage in September 2015, they proceeded to steal approximately $800,000 from the client and used most of it to pay for unauthorized personal and business expenses. SEC
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