The Securities and Exchange Commission charged two Sarasota, Fla.-based investment advisors with fraud on Monday, saying they overstated the value of two hedge funds by as much as $160 million.

In a complaint released Monday, the SEC also said that the advisors, Neil Moody, 71, and his son Christopher, 35, told investors they actively managed the funds, when they were actually run by Arthur Nadel, which the regulator had charged with operating a large-scale Ponzi scheme last year. 

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