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California Hedge Fund Manager Faces Charges

March 16, 2004|From Dow Jones/Associated Press

A federal judge has issued a temporary restraining order against a California man and two purported hedge funds he controlled after the Securities and Exchange Commission charged them with securities fraud.

According to the SEC, Marvin Friedman, 65, and his San Diego-based Global Money Management and LF Global Investments sold unregistered securities and misrepresented the amount of assets they controlled. Friedman allegedly told investors his hedge funds held from $60 million to more than $100 million. However, records show that at least since December 2002, the assets held have not exceeded $11 million.

Additionally, Friedman failed to tell investors about his disciplinary history, including that he had been barred from working with any member of the National Assn. of Securities Dealers, the SEC said. Friedman could not be reached for comment.

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