The Securities and Exchange Commission has charged Todd Duckson, a former capital markets partner at Hinshaw & Culbertson and current CEO of Minneapolis-based specialty finance company True North Finance, with defrauding several hundred investors in a real estate lending fund.

The SEC’s 31-page civil complaint (pdf) filed in federal court in Minneapolis accuses Duckson and two executives of the Capital Solutions Monthly Income Fund — a hedge fund that merged with True Finance last year — of concealing from investors that the fund had no significant income because of the financial collapse of its sole business partner.

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