A Portland hedge fund manager has agreed to pay nearly $34 million to settle a civil lawsuit brought on by the Securities and Exchange Commission.
Porland Business Journal reported that Yusad Jawed of the now defunct Grifphon Asset Management has also agreed to a ban from the securities industry. Assistant U.S. Attorney Allan Garten has called the hedge fund a “typical Ponzi scheme.”
Jawed pleaded guilty to five felony counts of mail fraud and 12 felony fraud in a separate criminal case back in April. His criminal case is scheduled for September 23.