The Securities and Exchange Commission charged two top officials of an unregistered hedge fund investment advisor with "failure to supervise" charges Monday, marking the first time these types of charges have been filed against individuals working for an unregistered firm.

Marque Millenium Group Inc. Principal Wilfred Meckel was charged with defrauding investors, while Robert T. Littell, director of investments, allegedly failed to properly supervise Meckel while the fraudulent activity took place. Each has already settled the charges with the commission.

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