At a conference organized by the New York State Society of Public Accountants, Richard Marshall, a lawyer at Kirkpatrick & Lockhart Nicholson Graham LLP, spoke about hedge fund fraud cases in the U.S. and the fact that $1 of every $1,000 in hedge fund assets was subject to fraud in the past year, HedgeWorld News reports.

"A Columbia drug dealer keeps your money more secure," Marshall said.

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