Hedge Fund Fraud

The hedge fund, called KL Financial Group, had assets of more than $200 million. It has told investors that it ran out of funds because of heavy trading losses, according to attorneys and clients involved in the fund. The SEC plans to file a temporary restraining order this week to freeze any assets left in the fund, according to people familiar with the investigation.

From:
Tony Hedge Fund Runs Aground
Palm Beach's Wealthiest InvestedIn KL Financial, but Money Is Gone;Talk of the Country Club Crowd
By ROBERT FRANK Staff Reporter of THE WALL STREET JOURNALMarch 2, 2005; Page C1