TCA Credit Hedge Fund Shuts Amid SEC Probe, Trapping Clients (1)

Florida-based investment firm TCA Fund Management Group Corp. is shutting its main credit hedge fund after the Securities and Exchange Commission probed its accounting and customers moved to withdraw their money.

The TCA Global Credit Fund “received redemption and withdrawal requests in excess” of available cash, according to a letter to investors seen by Bloomberg. It will take up to 18 months to liquidate all the positions, the letter said. The liquidation comes amid an ongoing SEC investigation relating to TCA Fund Management’s accounting practices, the letter said. A spokesman at the SEC declined to comment.

The probe by the ...