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Fund adviser settles case by paying estate.
Byline: Benjamin Y. Lowe
Jul. 28--A former Kennett Square money manager who was adviser to the Henlopen Fund has settled a civil Securities and Exchange Commission complaint that he defrauded a du Pont heir of nearly $13 million.
The SEC said yesterday that Michael L. Hershey, who was accused of using J. Eric May's $30 million trust to fund an Aston start-up company that sold specialty computers, neither admitted nor denied the charges, and has paid a $250,000 settlement to May's estate.
May, formerly of Wilmington, died in November 2004, five months after the SEC's Philadelphia office first took action against Hershey and his firm, Landis ...
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Source: HighBeam Research, Fund adviser settles case by paying estate.