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Hedge Fund Manager Michael Higgins Charged Securities Fraud
The SEC has alleged that Michael Higgins, who runs investment advisory firm Ballybunion Capital Associates, lied to investors about the performance of his hedge fund in raising $7.6 million. Higgins told investors that the fund’s 1998 return was 40% when, in truth, it lost money.
Higgins allegedly forged reports of the fund’s clearing broker as well as the fund’s auditors. The SEC moved to freeze the assets of the firm.
Source: Wall Street Journal, June 15, 2000
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