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Article: SEC Sues Philadelphia Fund Manager over Alleged Misuse of Client's Funds.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- June 23, 2004
CopyrightCOPYRIGHT 2004 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Todd Mason
Jun. 23--The Securities and Exchange Commission alleged that the Kennett Square manager of a top-performing mutual fund "egregiously misused" the funds of a private client by investing them in a start-up company under false pretenses.
In a civil lawsuit filed yesterday in federal court in Philadelphia, the SEC alleged that Michael L. Hershey breached his duty to the client. The agency asks for restitution, penalties, and a permanent injunction against the investment adviser and his firm, Landis Associates.
If the SEC is successful, neither Hershey nor Landis would be able to advise the mutual fund, the Henlopen Fund, said ...