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Feds Order Cambridge Investment Scammer To Repay Millions

By Anthony Silva, WBZ NewsRadio 1030 New England Business Editor
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Mutual Funds, Stocks, Bonds, Trading

The United States Securities And Exchange Commission (credit: Photo by Brendan Smialowski/Getty Images)

BOSTON (CBS) – A local hedge fund manager is being ordered to payback more than $7 million in profits and penalties after he failed to show up in court to face charges.

WBZ NewsRadio 1030’s Anthony Silva reports

Andrey Hicks operated Locust Offshore Management in Cambridge and raised millions in investments.

But David Bergers, head of the Boston office of the Securities and Exchange Commission, says it was all one big lie. The SEC will now work to retrieve that money.

Bergers says even though Hicks said he used high math to calculate returns, his Harvard record shows he got a D in the only statistics course he took.

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