SEC bars Edward Strafaci from securities industry

Pittsburgh, Sept. 23 - The Securities and Exchange Commission barred Edward J. Strafaci from association with any broker, dealer or investment adviser after he pleaded guilty to one count of securities fraud before the U.S. District Court for the Southern District of New York, according to a commission news release.

Strafaci was an executive vice president and director of fixed-income money management for Lipper & Co. LP and its affiliates and the portfolio manager of four hedge funds managed by Lipper, Lipper Convertibles, LP, Lipper Convertibles Series II, LP, Lipper Offshore Convertibles, LP and Lipper Fixed Income Fund, LP.

The count to which Strafaci pleaded guilty alleged that from 1996 to January 2002 he made materially false and misleading statements to investors and prospective investors about the way he valued the fund's portfolio securities, the value of the securities and the value and performance of the fund, the release said.

Strafici consented to the SEC bar without admitting or denying the findings, the SEC added.

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