SAN JOSE (CN) – Hedge fund manager Stephen Bond rewarded himself with $900,000 from a $5 million fraud he ran with Albert Hu in Silicon Valley, the SEC says in Federal Court. The SEC wants Bond, 42, of Castro Valley, to pay the money back, and then some.
The complaint says Bond ran the scam with Hu, who founded the so-called Asenqua hedge funds. Only Bond is a defendant in this case. He is charged with securities fraud and aiding and abetting Hu. They ran the alleged scam from 2001 to 2008. The SEC points out that the $900,000 Bond took was nearly 20 percent of the money he raised.