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May 11, 2000|Bloomberg News

A San Francisco hedge fund manager has been charged with raising $7.6 million by lying about the performance record of the fund, Ballybunion Capital Partners, federal prosecutors said.

Michael T. Higgins solicited investors by telling them the fund had impressive gains when it actually sustained severe losses, the San Francisco U.S. attorney's office said. "This action should remind investors of the need to review investment proposals thoroughly before they act and monitor closely any investments they make," prosecutors said.

Higgins' lawyer, Nanci Clarence, said the 36-year-old San Anselmo, Calif., resident is cooperating with officials. . . .

The Pacific Exchange on Wednesday gained Securities and Exchange Commission approval to become the first for-profit U.S. stock market. The Pacific in March announced plans to form a computer-based stock exchange with Archipelago Holdings, a Chicago firm that runs an electronic communications network, or ECN, to match "buy" and "sell" orders. As part of its transformation, the Pacific is expected to close its Los Angeles trading floor.

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