CSA fraudster's dummy company scheme unveiled

Schmitt hits the fan when CSA managers blow the whistle on boss.

Charles Schmitt, who is reportedly in the custody of Hong Kong police, is alleged to have been defrauding investors in a fund of hedge funds managed by Charles Schmitt Associates since the establishment of the vehicle, the CSA Absolute Return Fund, in 2002. The alleged fraud was not picked up by the firm's auditor, Ernst Young, nor by its fund administrator, Bank of Bermuda since acquired by HSBC - but by his own senior managers.

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