Hedge fund and brokerage CEO charged with fraud

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Hedge fund and brokerage CEO charged with fraud
WASHINGTON (MarketWatch) - The Securities and Exchange Commission on Friday charged a Houston-based hedge fund, its manager and a brokerage firm chief executive officer with fraud. Specifically, the agency found that the hedge fund manager, George Jarkesy Jr., allegedly defrauded investors by misrepresenting the value of shareholder investments and lying to them about the identity of the fund's auditor. Jarkesy also allegedly steered "bloated fees" to a brokerage firm CEO, Thomas Belesis, who is also charged in the SEC case.