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November 03, 1994|From Times Staff and Wire Reports

San Diego Investment Firm Settles SEC Complaint: Galleon Capital Management agreed to pay back most of approximately $286,000, the amount the Securities and Exchange Commission said was misappropriated from client accounts and securities brokers. Galleon, whose owner, Louis Acevedo, managed about $100 million in customer funds, reportedly is one of the nation's largest minority-owned investment firms. Acevedo, who settled the charges without admitting or denying guilt, would not comment. His attorney said Galleon was in the process of "winding down" operations and transferring remaining customers to other companies. The SEC said it will continue its investigation.

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