WILMINGTON, DEL. (CN) – A limited partner demands books and records from New Century Hedge Fund, claiming New Century’s manager, Ward Onsa, has been sued four times by investors, and was ordered to pay $6 million in damages in two of those cases.
Plaintiff Samuel Katz says he invested “thousands of dollars” to become a limited partner in New Century. He claims that “New Century’s manager, Onsa, along with his wife, Denise Onsa, in certain instances, has been named as a defendant in no fewer than four lawsuits brought by investors wherein it was/is alleged that Onsa committed federal securities laws violations, and both defrauded and breached his fiduciary duties to investors. The plaintiffs in these lawsuits collectively seek millions of dollars in damages, and two of these lawsuits have resulted in judgments against Onsa totaling in excess of $6 million,” the complaint states.
Katz is represented in Chancery Court by Steven Caponi with Blank Rome.