Hedge Fund Adviser|Settles With SEC

WASHINGTON (CN) - A San Francisco-based hedge fund adviser will pay $150,000 to settle charges that it let a managing member swipe $320,000, which he used to remodel his mansion and buy a Porsche, the SEC said Wednesday.

The SEC sued Westend Capital Management, claiming it let its managing member Sean C. Cooper lift more than $320,000, with which he "purchased a $187,000 Porsche amid other lavish spending," the SEC said in a statement.

WestEnd settled. It repaid its customers. The SEC said it sued Cooper separately.

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