SEC charges Sentinel with fraud

SEC charges Sentinel with fraud.
SENTINEL Management Group, a US money manager at the centre of recent market turmoil, was charged with fraud and misuse of client assets by the Securities and Exchange Commission. The problems at Sentinel have been the cause of particular concern for the US and global markets recently, as they were thought to be investing in relatively safe assets on behalf of hedge funds and futures brokers. But, last week, the firm informed investors it was freezing certain assets, which it then tried to sell without first informing all investors, to Citadel Investments, the Chicago based hedge fund. Late last week, the firm applied for bankruptcy. But yesterday, the SEC alleged in a complaint lodged with a district court in Chicago that Sentinel had indulged in 'ongoing fraud and misappropriation and misuse of client assets'.


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