Alright I have a friend who is young 27 and is already on his third hedge fund. He is pretty advanced for his age got an MBA by the time he was 22....won numerous trading competitions in his teenage years. Has the mind more of like a 40 year old. With his last hedge fund he raised 30 million dollars and lost almost all of it....brought it down to about 2 million. During the period of raising the money he lied. Within his marketing material he claimed to have won competitions that he didn't and slightly lied about his track record. He lost almost all of his investors money my question is how much trouble can he get into if the SEC investigates him. Could he possibly go to jail.