The SEC charged hedge fund manager,  Mass Ave Global Inc. and its CEO, Winston Feng for making false and misleading statements to fund investors about fund holdings and exposures, and failing to disclose conflicts of interest. The firm initiated an internal review that identified the deficiencies and took corrective action to enhance its policies and procedures and notify investors of the inaccurate information. However, after receiving significant redemption requests following such communications, the firm ultimately determined to wind down its funds. The firm and Feng settled the case agreeing to $350,000 and $250,000 penalties, respectively, and Feng agreed to a 12-month suspension from securities industry activities.