September 8, 2014
Posted January 26, 2016
The SEC charged Minneapolis-based hedge fund manager Steven R. Markusen and his investment advisory firm Archer Advisors LLC with bilking investors in two hedge funds out of more than $1 million under the guise of research expenses and fees. According to the SEC, Markusen routinely caused the funds to reimburse Archer for fake research expenses, and he eventually routed much of that money to his personal checking account and spent it on country club dues, boarding school tuition, and a Lexus among other luxury items. SEC
Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,