The founder of a U.S.-based social media-driven hedge fund has beencharged with fraud for allegedly misrepresenting his fund’s performance to investors.
In a federal court in Manhattan, the founder of Oracular Capital LLC, Vuk Vukovic, was charged with one count of securities fraud and one count of wire fraud, amid allegations that investors in its Orca Bason Fund were misled.
According to a complaint filed by the U.S. attorney for the Southern District of New York (SDNY), since 2024, investors in the fund — which purportedly based investment decisions on its analysis of social media sentiment — received falsified account statements that allegedly overstated the fund’s performance.
It’s also alleged that a prospective investor was provided with records that showed a higher net asset value and higher returns than actually existed.
“As alleged, Vuk Vukovic attracted investors to his fund and lulled them into keeping their money invested by reporting high rates of return that were not real. Investors deserve honest and accurate information when deciding where to put their hard-earned money,” said U.S. attorney, Jamie McDonald, in a release.
The allegations have not been proven, and Vukovic is presumed to be innocent.