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Descartes Athena Fund Frozen
Last week, Hong Kong’s Securities & Futures Commission acted to freeze more than $100 million in assets of Hong Kong-based hedge fund Descartes Athena Fund due to suspicion of fraud.
Coming after a couple of high profile hedge fund scams that were uncovered recently, this latest case involving Descartes Global Asset Management only serves to add on to investors distrust of hedge funds.
The investors of this fund were mostly from Taiwan.
This would be the second blow to Taiwanese investors in the space of a week. Earlier last week, the US Securities and Exchange Commission (SEC) implicated California-based Private Equity Management Group (PEM Group) in an alleged fraud involving Danny Pang and an estimated $700 million in financial products sold to Taiwan investors.
It turned out that neither Pang nor his entities were registered with SEC.
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