The SEC charged hedge fund advisory firm Weston Capital Asset Management LLC and its founder and president Albert Hallac with illegally draining more than $17M from a hedge fund they managed and transferred the money to a consulting and investment firm known as Swartz IP Services Group Inc. The transaction went against the hedge fund’s stated investment strategy and wasn’t disclosed to investors, who received account statements falsely portraying that their investment was performing as well or even better than before. Weston Capital and Hallac agreed to settle the SEC’s charges with monetary sanctions to be determined at a later date. SEC
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