The Securities and Exchange Commission (SEC) has temporarily closed down IU Group, a hedge fund and wealth management business, Los Angeles Times reports. The Beverley Hills firm allegedly targeted retirees, professors and Christians by misrepresenting the business and its financial performance. The firm, which claimed that the fund managed over $800 million, was being run by Elijah Bang and Daniel Lee. The duo was ordered by the California Department of Corporations to stop and cease from illegal and fraudulent sale of securities in 2009.

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