BOSTON (Reuters) – The former chief executive of F-Squared Investments Inc, once the largest U.S. money manager creating portfolios out of exchange-traded funds, went to trial on Monday on charges by the top U.S. securities regulator that he misled investors.

A 12-person jury was selected to hear evidence presented in federal court in Boston in a lawsuit the U.S. Securities and Exchange Commission filed in 2014 against Howard Present, the co-founder of Wellesley, Massachusetts-based F-Squared.

The SEC filed the lawsuit the same day it announced F-Squared had agreed to pay $ 35 million and admit wrongdoing to resolve claims…
Reuters: Money