The SEC charged Sean C. Cooper, former hedge fund manager at San Francisco-based investment advisory firm WestEnd Capital Management LLC , with fraudulently taking excess management fees from the accounts of fund clients and using their money to remodel his multi-million dollar home and buy a Porsche. WestEnd, which expelled Cooper and reimbursed the hedge fund once it became aware of his scheme, is being charged separately by the SEC for failing to effectively supervise him. The firm agreed to pay a $150,000 penalty to settle the SEC’s charges. SEC
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