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Hedge Fund Manager Used Terminally Ill Patients For Profit: SEC

by reuters.com posted 1year ago 5145 views
A hedge-fund manager paid terminally ill patients to use their names in a bond-buying scheme that generated $9.5 million in profits, a U.S. securities regulator said on Monday. Donald "Jay" Lathen, Jr., who manages Eden Arc Capital Management LLC, was charged with fraud after putting the patients' names on joint brokerage accounts, along with his own, so he could buy bonds for his fund and profit by selling them back to issuers when the patients died, according to a U.S. Securities and Exchange Commission complaint. Lathen opened 60 such accounts since May 2011, but none listed his fund as the...

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