An investment adviser featured in best-seller "The Big Short" failed to persuade a federal appeals court to shut down a U.S. Securities and Exchange Commission fraud case. The advisor made his appeals on the ground that the agency sued him in the wrong forum. Chau was accused of concealing how he had let a hedge fund choose assets to back Octans I CDO Ltd, a collateralized debt obligation it eventually shorted. The company's April 2008 failure stuck investors with roughly $1.1 billion of losses. On Friday the 2nd U.S. Circuit Court of Appeals in Manhattan said federal judges lacked jurisdiction to decide whether the SEC deprived Wing Chau and his firm Harding Advisory LLC of equal protection by pursuing an in-house administrative proceeding instead of suing in federal court. http://feeds.reuters.com/~r/reuters/entertainment/~3/GIrdx-sqBbw/us-sec-chau-idUSKBN13R2K0 http://www.wochit.com This video was produced by YT Wochit News using http://wochit.com