WASHINGTON — The Securities and Exchange Commission has filed fraud charges against the head of several San Francisco-based hedge funds, accusing him of misappropriating millions of dollars from investors nationwide, including senior citizens.
According to the commission, Edward Ehee, 43, of Oakland, defrauded investors in the Compass West Fund, Viper Founders Fund, and Viper Investments, diverting much of the money toward mortgage and car payments, vacations, and personal bank accounts.
Among other things, the SEC's complaint alleges that although the Viper Founders Fund essentially ceased operations by late 2002, Ehee was continuing to raise money as recently as May 2006, using bogus account statements and phony financials.
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