A California-based investment advisor allegedly defrauded investors by using a bogus auditing firm to verify his hedge fund's performance, according to the SEC.
“An independent financial audit is one of the best protections available to investors,” according to Marc Fagel, director of the SEC’s San Francisco Regional Office. The advisor, James Michael Murray, “conjured up an accounting firm and deliberately faked the audit to induce investors into believing the fund was in better shape than it actually was.”
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access