Hedge Fund Driver Posed as Professional Money Manager, SEC Says

A personal driver working for a hedge fund manager posed as an investment professional to convince three investors to let him manage their money, resulting in their combined losses of over $1 million, the SEC said.

Shahin Ahmed had no investment experience at the firm—identified in the Dec. 5 complaint as “Investment Adviser A"—or any other financial firm, had no formal education beyond high school, and lacked a license that would qualify him to work as a securities professional, the Securities and Exchange Commission said.

Ahmed was able to induce several investors to let him control their funds from March ...