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Former F-Squared CEO found liable in SEC fraud case

Reuters - Last Update:

BOSTON (Reuters) - A U.S. jury on Friday found that the former chief executive of F-Squared Investments Inc, once the largest U.S. money manager creating portfolios out of exchange-traded funds, violated federal securities laws.

A federal jury in Boston sided with the U.S. Securities and Exchange Commission in finding that former F-Squared CEO Howard Present intended to defraud investors or was reckless in how he touted the history of his firm's flagship investment product.

(Reporting by Nate Raymond in Boston; Editing by Andrew Hay)

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