SD, NJ men accused in hedge fund investment scam

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News,Business

SIOUX FALLS, S.D. (AP) — A complaint filed by the Securities and Exchange Commission accuses a South Dakota man and his business partner of bilking investors out of millions of dollars.

Court documents allege 64-year-old Randy Hansen, of Sioux Falls, was the public face of RAHFCO Hedge Funds, and 41-year-old Vincent Puma, of New Jersey, concocted phony account statements to misrepresent their trading success.

The Argus Leader reports (http://argusne.ws/Xoi86F) that one of the investors was Miami Heat basketball player and South Dakota native Mike Miller.

Last year, Miller sued Hansen and Puma in state court seeking $1.7 million he'd put into RAHFCO.

The SEC says Hansen and Puma attracted more than 100 investors and collected more than $23 million. The losses allegedly totaled more than $10 million.

Hansen did not return phone messages.

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Information from: Argus Leader, http://www.argusleader.com

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