Hedge Fund Priest Must Pay SEC $160,000 Following Jury Verdict

An ordained Greek Orthodox priest who also works as a hedge fund manager must pay $160,000 as a civil fine after the SEC won part of a jury trial against him, a federal judge in Massachusetts said.

Emmanuel Lemelson, listed on the docket as Gregory Lemelson, misled investors and engaged in a “short-and-distort” scheme, the Securities and Exchange Commission alleged. He and his firm are enjoined from violating the federal securities laws at issue for five years after a jury sided with the agency on some claims, the U.S. District Court for the District of Massachusetts said.

Lemelson and ...