The SEC Shut Down A Hedge Fund Scam Run By An Ex-Marine Who Allegedly Targeted Other Military Members

The Securities and Exchange Commission said today that it halted a United States Marine Corps veteran's Chicago-based hedge fund fraud that was targeting current and former military service members. The SEC alleges that ex-Marine Clayton A. Cohn, 26, raised about $1.8 million from 24 investors for hedge fund firm Market Action Advisors by lying about his fund's investing performance and success as a trader. According to the SEC's complaint [.PDF], Cohn allegedly showed investors that his fund ha...