Marque Millennium Group Settles SEC's Fraud and Failure to Supervise Charges

The SEC accused Wilfred Meckel, Marque Millennium's senior managing director, of failure to supervise, and charged Robert Littell, the manager of investments, with fraud, claiming he inflated the performance of the funds that he managed. Meckel accepted a fine and six month suspension; Littell accepted a fine and lifetime bar from association with any investment adviser.

Marque Millennium operates three hedge funds with about $100 million in assets.

The case otherwise is significant because this is the first time that regulators have taken a failure to supervise action against a hedge fund executive for failing to detect an employee's defrauding investors.

Source: Wall Street Journal, December 16, 2003