All down to a simple cut and paste job…

The Financial Services Authority said Simon Treacher, who had been a senior fund manager in BlueBay’s emerging-markets’ team, “cut and pasted” different prices onto brokers quotes on financial instruments within the funds he managed, lifting the funds’ value by $27 million over three months.

According to the WSJ the case highlights the scope for deception at hedge funds even when their values are signed off by independent administrators.