The Securities and Exchange Commission charged two hedge fund portfolio managers and their investment advisory businesses with defrauding investors by overvaluing illiquid fund assets they placed in a "side pocket."

The SEC alleges that the hedge fund managers put the investors’ money in a separate account that only held hard-to-value and move funds, aka, the side pocket. The hedge fund managers are based in Georgia and ran the Palisades Master Fund, L.P.

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