SFC freezes fund manager's assets

Jun 15, 2004

Charles Schmitt & Associates is suspected of defrauding clients of its fund of hedge funds.

Hong Kong's Securities and Futures Commission has frozen the assets of locally based Charles Schmitt & Associates, an investment advisor and fund manager. The SFC suspects the firm of misappropriating client assets invested in a fund on which the firm's managing director, Charles Schmitt, advised - namely a fund of hedge funds called the CSA Absolute Return Fund, also managed by Schmitt.

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