- 2015
Respondent was the principal and sole member of Jefferson
Smith Trading Co., a purported hedge fund. In his fraudulent solicitation of investors, he guaranteed eighteen to twenty percent returns and falsely represented that, to mitigate risk, all trading positions would be closed out before the market closed for the day. He also sent false account statements. And misappropriated investor funds for personal use. Fourteen investors lost a total of $3.8 million. Respondent was criminally convicted.
