The Securities and Exchange Commission filed fraud charges against a Portland man for allegedly running a $37 million Ponzi scheme.
The SEC alleges that Yusaf Jawed, 44, of Grifphon Asset Management, falsely boasted of double-digit returns to lure more than 100 people to invest their money in hedge funds he managed. He then used money to pay off earlier investors and pay for his personal expenses and travel.
The complaint filed in federal court in Portland claims little of the money was invested. Jawed, who previously worked a stockbroker, allegedly created phony assets and sent bogus account statements to investors.
Read more at The Mail Tribune.