SEC Busts Hedge Fund’s Former CFO

MANHATTAN (CN) - Ezra Levy, while CFO of the Boston Provident hedge fund, made secret, unauthorized trades that netted him $537,000 and cost the hedge fund's accounts that much, the SEC claims in Federal Court. Levy secretly entered sell orders for himself at above-market prices, and had Boston Provident buy the same securities at the inflated prices, the SEC says.