Hedge Fund Charged with Fraud

May 29, 2012

The SEC brought an administrative action against Elijah Bang after finding he attempted to improperly solicit investors on behalf of IU Wealth, Inc., a hedge fund of which he was the principal. The SEC alleged that Bang made material representations to prospective investors in IU Wealth, including falsely representing that the purported hedge fund generated an average monthly return of 8.29%, and handled the wealth of high-net worth individuals such as athletes, actors, and producers.
Click http://sec.gov/litigation/admin/2012/ia-3410.pdf to access the administrative action


Investment Advisers, Investment Companies