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November 9, 2016

Posted  January 13, 2017

The SEC charged former movie producer and self-proclaimed private equity executive David R. Bergstein with defrauding hedge fund investors and siphoning off investment funds to support his extravagant lifestyle.  The SEC alleges that Bergstein, through a series of intricate transactions by Weston Capital Asset Management and two of its unregistered hedge funds, Weston Capital Partners Master Fund II Ltd. and Wimbldeon Fund SPC Class Tt Segregated Portfolio, misappropriated over $5 million meant, in large part, for investment in medical-billing businesses.  The SEC alleges that Bergstein used the stolen millions for purchases from a firearms dealer, an antique watch and jewelry retailer, and a bonsai tree nursery.  SEC

Tagged in: Financial and Investment Fraud,