A few years ago, a young man from northeastern Pennsylvania had some ideas, specifically money-making ideas. And so at the tender age of 24, he moved to the world’s financial hub—Tampa, Fla.—to launch a little hedge fund called TASK Capital Partners, which he then marketed to the financially savvy residents of that state and of neighboring Alabama. To get their attention, Anthony J. Klatch II may have fudged a few things in the prospectus, although he did not do so with any criminal intent. Nor,...