PORTLAND -- The Securities and Exchange Commission has filed fraud charges against an Oregon man accused of running a Ponzi scheme that raised more than $37 million.
The SEC alleges that Yusaf Jawed of Grifphon Asset Management in Lake Oswego falsely boasted of double-digit returns to lure more than 100 people to invest their money in hedge funds he managed. He then used money to pay off earlier investors and pay for his personal expenses and travel.
The complaint filed in federal court in Portland claims little of the money was invested. He allegedly created phony assets and sent bogus account statements to investors.
More than 24 investors sued Jawed last year, accusing him of violating state securities laws.
Jawed's attorney did not immediately return a message left with his office Thursday.