美一對衝基金經理髮死人財遭SEC指控

A hedge fund manager has been charged by the US with fraud for an investment scheme that allegedly exploited terminally ill patients to reap early bond payments from companies.

美國當局指控一名對衝基金經理用一項投資計劃實施欺詐，該計劃涉嫌利用絕症病人來從公司債的提前贖回中獲利。

Donald Lathen, 48, used a network of contacts at nursing homes and hospice facilities to pitch an “end of life financial assistance” programme to people with less than six months to live through a group he set up called EndCare, the Securities and Exchange Commission said.

美國證交會(SEC)表示，48歲的唐納德•拉滕(Donald Lathen)利用在養老院和臨終關懷機構的人脈，通過他設立的一家名爲“EndCare”的集團，向剩餘壽命不足6個月的人推銷一項“臨終資金援助”計劃。

The individual typically received a one-time payment of $10,000, and in return, was required to become the joint owner of a brokerage account set up by either Mr Lathen or one of its designees, the SEC said.

美國證交會稱，每名病人一般會被一次性給付1萬美元，作爲交換條件，他們必須成爲拉滕或其指定人之一設立的經紀賬戶的聯合所有者。

Beginning in 2011, Mr Lathen’s hedge fund, Eden Arc Capital Partners, which at its peak had $52m in assets and 22 investors, started seeding the brokerage accounts. Mr Lathen then used the accounts to buy bonds and other securities with so-called survivor options at a discount.

從2011年起，拉滕的對衝基金Eden Arc Capital Partners開始逐步設立這些經紀賬戶（該基金在巔峯時期管理資產達5200萬美元，投資者達22個）。接着，他使用這些賬戶以折扣價買入附帶所謂“生者選擇權”(survivor's option)的債券及其他證券。

The instruments allow bondholders to redeem securities at par plus accrued interest when the holder dies, leaving the fund able to turn a profit by selling the bond back to the issuer upon the death of the holder.

當債券持有人死亡時，這些選擇權允許持有人以票面價格賣出債券，並取得應計利息。這樣，該基金就可以在債券持有人死亡時把債券賣回給發行方，從中賺取利潤。

Mr Lathen set up 60 accounts that purchased 2,350 investments “from dozens of issuers”, prompting companies to pay out more than $100m in early redemptions, the SEC said. Since inception, the fund earned over $9.5m in profits, according to the SEC.

美國證交會表示，拉滕設立了60個賬戶，購買了“數十個發行方”發行的2350只證券，讓這些公司拿出了逾1億美元用於提前贖回。美國證交會稱，從創立以來，該基金賺到了逾950萬美元利潤。

However, Mr Lathen, who had previously worked at Citigroup and Lehman Brothers according to Finra data, ran foul of securities laws by “falsely representing to issuers that he and the terminally ill individuals were joint owners of the accounts” when Mr Lathen’s “hedge fund was the true owner of the survivor’s option investments”, the SEC alleged.

美國證交會指控稱，拉滕違反了證券法，他“向發行方假稱他和那些絕症病人是這些賬戶的聯合所有者”，而實際上他的“對衝基金纔是生者選擇權投資的真實所有者”。美國金融業監管局(FINRA)數據顯示，拉滕曾供職於花旗集團(Citigroup)和雷曼兄弟(Lehman Brothers)。

Harlan Protass, Mr Lathen’s attorney said, the SEC charges were meritless and would be defended.

拉滕的律師哈倫•普羅塔斯(Harlan Protass)表示，美國證交會的指控毫無道理，將就此進行辯護。

“We have no doubt that Mr Lathen’s investment strategy is entirely legitimate and violates no law, and we intend to vigorously defend him against the SEC’s meritless charges,” he said.

他說：“我們堅信拉滕的投資策略完全合法，沒有違反任何法律，我們打算積極地爲他辯護，反駁美國證交會毫無道理的指控。”