Hedge Funds

Manager settles SEC charges against Critical Infrastructure Fund

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The U.S. Securities and Exchange Commission has barred Joseph Daniel, head of the New York-based hedge fund Critical Infrastructure Fund, from association with any investment adviser.

The November 29 order stems from earlier fraud allegations that from about 1999 to 2002, Daniel misrepresented to investors the assets, holdings and performance of the fund, failed to properly value the fund's holdings and improperly handled some investor redemptions to the disadvantage of other investors.

The settlement follows an injunction issued against Daniel and Critical in October in federal court in Manhattan. Daniel consented to settlement without admitting or denying the