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.
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.
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.
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