The SEC has accused Chetan Kapur, a manager of a fund of hedge funds, with deceptive conduct in investing in hedge funds that are either Ponzi schemes or fraudulent.

In a civil complaint filed in federal court in Manhattan, the SEC claims that Kapur and ThinkStrategy Capital Management misrepresented informtaion concerning fund performance and did not meet its stated due diligence requirements. It invested money in hedge funds such as Bayou Superfund; the Valhalla/Victory funds and Finvest Primer Fund " that were later revealed to be Ponzi schemes or other serious frauds,'' the SEC said.

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