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SEC Freezes Hedge Fund Accounts

AUSTIN (CN) - A Connecticut hedge fund manager took more than $30 million from his customers, using forged documents and outright lies, the SEC said in Federal Court. The agency froze the assets of Francesco Rusciano, of Stamford, and his hedge funds, Ponta Negra Fund and Ponta Negra Offshore.

Rusciano runs the hedge funds out of his house, the SEC said.

"Rusciano forged brokerage account statements to make it appear that a hedge fund account had millions of dollars more in assets than it actually had," the SEC said in announcing that Rusciano's assets had been frozen.

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