NJ Man Accused in Hedge Fund Investment Scam
A complaint filed by the Securities and Exchange Commission accuses a South Dakota man and his business partner of bilking investors out of millions of dollars.
Court documents allege that 64-year-old Randy Hansen, of Sioux Falls, was the public face of RAHFCO Hedge Funds, and 41-year-old Vincent Puma, of New Jersey, concocted phony account statements to misrepresent their trading success.
The Argus Leader reports that one of the investors was Miami Heat basketball player and South Dakota native Mike Miller.
Miller filed a separate complaint in federal court last year seeking $200,000 from Hansen.
The SEC says Hansen and Puma attracted than 100 investors and collected more than $23. The losses to individuals allegedly totaled more than $10 million.
Hansen did not return phone messages left by the newspaper.
(Copyright 2013 by The Associated Press. All Rights Reserved.)