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SEC Alleges Broker-Adviser Bribery Scheme

MANHATTAN (CN) - Two employees of investment adviser JLF Asset Management accepted expensive travel services, computer equipment, rent payments and other bribes for steering hedge fund trades to brokers with Granite Financial Group, the Securities and Exchange Commission claims in Federal Court.

Granite CEO Daniel Schreiber, broker David Harrison Baker and Granite purportedly made more than $10 million in commissions from the business sent their way by Brian Travis and Nicholas Peter Vulpis Jr.

In exchange, Travis and Vulpis received more than $312,000 in personal benefits, such as travel arrangements and car services, the SEC claims.

It seeks disgorgement of profits and an injunction against further violations of securities law.

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