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11 Nov 2009
The former CFO of a New York-based hedge fund has been charged with securities fraud by the US market regulator.
The Securities and Exchange Commission has charged Ezra C Levy with securities fraud for arranging secret sales of securities from his personal trading account to the hedge fund accounts at inflated prices to generate "his own illicit profits", it alleges.
Levy, formerly of investment firm Boston Provident LP, made the unauthorized trades to hedge funds that lost millions of dollars, while he profited to the tune of more than half a million dollars.
The SEC filed the complaint at the US District Court for the Southern District of New York.
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