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SFO launches hedge fund probe

Published on 13 Nov 2009 under category: legal

A fraud crimes investigation has been launched into a London hedge fund.

The Serious Fraud Office (SFO) is looking into Dynamic Decisions Capital Management after a referral from the City's chief regulator.

Alberto Micalizzi, founder of the hedge fund, has refuted suggestions that any fraud crimes had been committed.

He said: "It's unfounded. The Financial Services Authority has not taken any action after several months."

Complaints have arisen against the hedge fund regarding investors losing money.

The hedge fund went into liquidation last year and earlier this year suggested that its unaudited net asset value was $550 million (£329 million).

However, court documents have claimed that Dynamic Decision's assets, excluding liquid assets, have fallen to $20 million.

Elsewhere, the SFO has dropped an investigation into Merlin Biosciences.

The fraud crime body has been involved in a four-year probe of the company, which is run by Sir Christopher Evans, a government advisor.

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