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Hedge Fund Crook Fled to Asia, SEC Says

SAN JOSE (CN) - Albert Hu took more than $5 million from investors in a hedge fund fraud, then fled to Hong Kong, the SEC claims in Federal Court. The agency says Hu ran his game through Asenqua, Asenqua Capital Management, AQC Asset Management, and Fireside Capital Management, which managed, or claimed to manage half a dozen hedge funds.

The SEC claims that "Hu and the Asenqua defendants forged the signature of the purported Chief Financial Officer on investor statements," and provided phony audit reports. The complaint continues: "Hu misappropriate investors' money by transferring funds out of the Asenqua hedge funds' accounts to other unrelated accounts. He has now refused to return investors' funds, and his most recent communications have been from Hong Kong."

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