Hedge Funds

SEC moves to halt fraud at New Jersey fund


The U.S. Securities and Exchange Commission said on Wednesday that it has moved to halt "ongoing fraud" orchestrated through HMC International, a Montvale, N.J., hedge fund.

The SEC has charged Robert M. Massimi, the fund's manager, and Bret A. Grebow, the fund's trader, with fraud - alleging that the pair raised $12.9 million from roughly 80 investors and then misappropriated more than $5.2 million of those funds for their own use. Jaime Elliott, Massimi's wife, was also charged.

The Commission alleges that Massimi and Grebow sent false statements to investors that portrayed their investments as profitable, when, in reality, the