Purported AI-Driven Hedge Fund Chief Can’t Access Frozen Assets

A purported hedge fund manager who allegedly ran a Ponzi scheme can’t gain access to frozen assets, a federal judge said in an order denying his motion to use investor funds for living expenses and legal fees.

Mina Tadrus allegedly raised more than $5 million from 31 investors, mainly recruiting for his scheme among members of his Egyptian Coptic Christian community by touting high yields from “artificial intelligence-based high-frequency trading models,” according to the order filed Thursday in the US District Court for the Eastern District of New York.

Tadrus Capital LLC, the purported hedge fund he ran as founder ...