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Fund adviser settles case by paying estate.

The Philadelphia Inquirer (Philadelphia, PA)

| July 28, 2006 | Lowe, Benjamin Y. | COPYRIGHT 2006 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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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