Judge Richard Matsch has ordered Jon E. Hankins of Tenet Asset Management - a Knoxville, Tenn.-based money manager - to pay $1 million to the Evergreen-based Cascade Fund, according to The Denver Post.
Cascade sued Hankins back in June, claiming that the fund was misled about the previous performance of Hankins' other investments.
"This vindication of what we said in the complaint, that Hankins defrauded our client," said Doug Tumminello, Cascade's attorney.
The SEC also sued Hankins back in June, claiming that he lured investors with false performance history, resulting in a loss of almost $20 million out of a total $35 million that was invested in his hedge funds by approximately 25 investors.
Hankins has denied these allegations in court filings.