The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had
"charged a hedge fund investment advisory firm and its two founders with orchestrating a multi-faceted scheme to defraud clients and failing to comply with fiduciary obligations."
The founders, Verzili and Rodriguez of Juno Mother Earth Asset Management LLC allegedly misappropriated client assets by using these assets for the fund's operating costs including payroll, rent, travel, meals and entertainment. They also allegedly inflated assets under management and filed false information to the SEC. Here are the SEC Complaint and the Litigation Release No. 21886.
