{"id":1296,"date":"2013-08-12T17:40:11","date_gmt":"2013-08-12T17:40:11","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/08\/sec_stops_former_marines_hedge_1"},"modified":"2022-03-09T16:14:06","modified_gmt":"2022-03-09T22:14:06","slug":"sec-stops-former-marines-hedge-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-stops-former-marines-hedge-1\/","title":{"rendered":"SEC Stops Former Marine\u2019s Hedge Fund Fraud That Targeted Military Folk"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission has secured an emergency order to stop a hedge fund scam<\/a> run by ex-marine Clayton A. Cohn and his Market Action Advisors, a hedge fund management firm that is registered in Illinois. The regulator contends that Cohn pretended to be a be a successful trader and purposely targeted current military, other veterans, friends, relatives, and other unsophisticated investors, defrauding them of nearly $1.8 million. <\/p>\n

Per the SEC, Cohn lied about his trader track record, the hedge fund’s performance, his intended use of investors’ proceeds, and his own stake in the fund. He invested less than 50% of investors’ funds, while using over $400,000 for personal spending, including a luxury vehicle, a mansion in Hollywood, and expensive visits to fancy nightclubs. To conceal his fraud and keep collecting investor money, Cohn allegedly created bogus hedge fund accounts statements reporting yearly returns greater than 200%. <\/p>\n

The Commission filed its Illinois hedge fund fraud lawsuit<\/a> in federal court in Chicago. The regulator says that Cohn ran Market Action Capital Management, which is a hedge fund, via Market Action Advisors. The regulator is charging him and his firm with federal securities law antifraud provision violations. The SEC wants permanent injunctions, financial penalties, and disgorgement of ill-gotten gains. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has secured an emergency order to stop a hedge fund scam run by ex-marine Clayton A. Cohn and his Market Action Advisors, a hedge fund management firm that is registered in Illinois. The regulator contends that Cohn pretended to be a be a successful trader and purposely targeted current military, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3918,3760],"tags":[],"class_list":["post-1296","post","type-post","status-publish","format-standard","hentry","category-affinity-fraud","category-sec-enforcement"],"yoast_head":"\nSEC Stops Former Marine\u2019s Hedge Fund Fraud That Targeted Military Folk — Investor Lawyers Blog — August 12, 2013<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission has secured an emergency order to stop a hedge fund scam run by ex-marine Clayton A. 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