The Securities and Exchange Commission charged a hedge fund manager with diverting investment proceeds of over $12 million into other funds, which he then used to fund a real estate venture and a San Francisco record company.
On Wednesday the SEC charged Bay Area hedge fund manager Lawrence R. Goldfarb of Larkspur, Calif., and his company Baystar Capital Management LLC (BCM), with diverting investors’ proceeds to other entities he controlled. Goldfarb is also charged with pouring investor funds into a bank account that he used to pay for unauthorized personal expenses, including entertainment and charitable donations, according to the SEC complaint.
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