A former attorney turned Las Vegas hedge fund manager has reaped the biggest gains so far in the unfolding mutual fund scandal, the SEC charged yesterday.

Daniel Calugar, 49, who took $175 million in ill-gotten gains, saw $50 million of the money frozen last Thursday when he tried to wire-transfer it.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.