The SEC, alleging a portfolio manager stole approximately $5.8. million from the funds he managed, has sued the manager who has already spent seven months in jail on related charges.

The SEC has sued Robert J. Strauss of Dallas, Ga. for allegedly taking assets he managed for State Mutual Insurance Company, a small Georgia insurance company in Rome, Ga., and using them to buy securities for his own accounts. The theft was part of approximately $16 million that Strauss allegedly misappropriated from State Mutual accounts, according to the SEC.

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