Bloomberg Businessweek

To Beat the SEC, Run Out the Clock

Money manager Charles Kokesh was supposed to pay back tens of millions of dollars in unlawful gains. But it turns out the watchdog caught him too late

Over the course of 12 years, Charles Kokesh quietly misappropriated more than $30 million from investors, a jury found in 2014. Kokesh, now 71, cultivated some expensive and unusual hobbies, such as importing Argentine polo ponies and participating in cowboy-style shooting competitions, according to trial testimony. But the really unusual part of the story is how the U.S. Supreme Court decided he wouldn’t have to pay back most of the cash.

Kokesh started four funds in the 1980s and ’90s. The pitch: They’d finance

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