The Securities and Exchange Commission has charged a former Chicago investment advisor with defrauding the California Public Employees' Retirement System (CalPERS), the largest public pension in the United States, and other clients by lying about his advisory’s assets under management.  

The back story: The SEC says its investigators found that while pitching Simran Capital Management's services, Umesh (“Mesh”) Tandon, the firm's CEO, falsely certified to CalPERS that his firm satisfied its minimum requirements over AUM.

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