Black Enterprise – A hedge fund manager has been ordered to pay $21 million in disgorgement and prejudgment interest following the firm’s failure to appear and respond to the Securities and Exchange Commission’s allegations.
The SEC won a default judgment against the adviser Groundswell Partners LLC, barring the hedge fund firm from future violations of securities law in addition to hefty fines. The hedge fund had approximately 75 investors, including friends and family of portfolio
manager Mark R. Conway, who together invested US$14 million in Groundswell Capital LP.
