Mass. Hedge Fund Manager Admits Running $9M Ponzi Scheme

``Michael Regan admitted he defrauded some 70 investors in his River Stream Fund, which collapsed last year. According to federal prosecutors in Brooklyn, N.Y., Regan told investors River Stream had about $18 million in assets, but in fact had just $101,600 in its accounts. He also allegedly claimed returns of about 20% annually since 2001, but rarely enjoyed more than minimal trading success while paying out $9 million in phony profits and returned capital to investors.''