Priest Who Ran Hedge Fund Must Pay $160,000 Penalty to SEC (1)

An ordained Greek Orthodox priest who also works as a hedge fund manager must pay a $160,000 civil penalty for misleading investors, the US Court of Appeals for the First Circuit affirmed Tuesday.

Some of the statements made by Gregory Lemelson, also known as Father Emmanuel Lemelson, were factual, not opinions that would potentially be protected under the First Amendment, Judge Sandra L. Lynch said for the appeals court. And the Securities and Exchange Commission presented enough evidence for a jury to find in its favor, Lynch said.

• Lemelson and his firm, Lemelson Capital Management LLC, allegedly made misleading public ...