A £1 billion ($2 billion) hedge fund run out of London by Lewis Chester, Pentagon Capital Management, is under investigation by the Securities and Exchange Commission, The New York Times reports this morning.
As a result, Pentagon has announced that it will close and return investors money.
The SEC reportedly informed Chester and his company on March 21 that it is looking into trading activities in mutual funds based in the United States between 1999 and 2003.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.