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The US Securities and Exchange Commission on Wednesday accused Arthur Nadel, a missing Florida-based hedge fund manager, of falsely overstating by about $300m the value of investments in six funds he advised.
The actual value of the hedge funds' assets is only about $506,000, according to the SEC's complaint, which was filed in a Florida district court on Wednesday. Mr Nadel also recently transferred $1.25m from two of the hedge funds to a secret bank account, the SEC alleged.

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