Unregistered hedge fund Global Money Management (GMM) overstated its assets to investors and should be shut down immediately under emergency relief procedures, the Securities and Exchange Commission said in a filing Friday. A California judge partly granted the Commission’s wish on Friday by issuing a temporary restraining order against the company.

Marvin I. Friedman, who controls both GMM and its parent company, LF Global Investments, is said to have lied to investors by estimating that his $11 million hedge fund businesses was actually worth between $60 million and $100 million. The filing charges he, GMM and LF Global have been misleading the investors since 1993.

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