Almost four years after the SEC accusations, a court enters a $98.6 million judgement against UK hedge fund manager, Lewis Chester and his Pentagon Capital Management.
The SEC announced the ruling Friday that stems from charges that Chester engaged in late trading and deception that defrauded U.S. mutual funds.
The penalties include:
$38.4 million in disgorgement
$21.7 million in prejudgement interest
$38.4 million in civil fines.
That interest sure added up quick.
Chester, age 43, is a resident of London, England. PCM is an investment adviser and investment manager based in London, England, and is registered with the United Kingdom Financial Services Authority. Pentagon Special Purpose Fund, Ltd. is an international business company incorporated in the British Virgin Islands.