Hedge Fund Manager Misappropriates $53 Million, Assets Frozen - On Wall Street

Hedge Fund Manager Misappropriates $53 Million, Assets Frozen - On Wall Street: "The Securities and Exchange Commission said it obtained the order freezing the assets of Michael Kenwood Capital Management and Francisco Illarramendi, who is the majority owner of the Michael Kenwood Group.

The SEC charged that Illarramendi defrauded investors in several hedge funds he managed by improperly transferring their money into bank accounts that he personally controlled. He then invested the money for his own benefit, the SEC said."