Hedge Fund Settles With SEC Over Improper-expense Charges

Hedge fund Alpha Titans and two of its executives have settled Securities and Exchange Commission charges related to improper allocations of fund assets, the SEC said Wednesday. The agency said the firm, its principal Timothy McCormack and general counsel Kelly Kaeser used assets of two private funds to pay more than $450,000 in office rent and other expenses without authorization from fund clients. Alpha Titans and McCormack paid back nearly $470,000 as well as a penalty of $200,000, the SEC said.