Massachusetts's securities regulator moved to shut down a small Cambridge hedge fund Wednesday after charging it and its manager with using an expert consultant to obtain inside information on two pharmaceutical companies.
In an administrative complaint, William Galvin, the Secretary of the Commonwealth, charged James Silverman and his fund, Risk Reward Capital Management, with using the expert-network firm Guidepoint Global to get inside information on clinical trials that helped him to "score dramatic returns" for his fund, which had $24 million of assets as of November.
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