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Ponzi scheme

SEC settles action against Oregon-based hedge fund manager Yusaf Jawed


The US Securities and Exchange Commission (SEC) has settled its action against Oregon-based hedge fund manager Yusaf Jawed, who masterminded a USD30m Ponzi scheme.

 
Final judgments have been entered against Jawed and his two entities, Grifphon Asset Management and Grifphon Holdings, which enjoin them from future violations and order them to pay disgorgement and interest of USD33,909,974.
 
The Commission's previously filed complaint alleged that Jawed through the two entities he controlled masterminded a long-running, USD30m-plus Ponzi scheme that defrauded more than 100 investors in the Pacific Northwest and across the country.
 
Based on the final judgment against Jawed, the Commission has issued an order instituting administrative proceedings pursuant to Section 203(f) of the Investment Advisers Act of 1940 and imposing remedial sanctions that bars Jawed from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognised statistical rating organisation.

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