Ex-Hedge Fund Trader Swindled Millions After 2019 Ban, SEC Says

A former trader at shuttered hedge fund Marinus Capital Advisors was accused by the SEC of swindling millions from investors despite being barred from the industry in 2019.

Swapnil Rege started a new company and raised $10 million from investors after he was fired from Marinus in 2017 and even after he agreed to an industry ban to resolve 2019 charges that he artificially inflated his positions on derivatives to earn himself a higher bonus at the fund, the regulator said in a suit filed Tuesday in federal court in New Jersey.

The Securities and Exchange Commission said Rege, 46, ...