The SEC on Friday obtained an emergency court order to halt an ongoing Ponzi scheme that targeted members of the Persian-Jewish community in Los Angeles.  An individual posing as a hedge fund manager had raised more than $7.5 million from investors.  The Jewish Community currently is celebrating the holiday, Passover, which concludes on Saturday. SEC Findings and Allegations. For the past 2 years, Shervin Neman allegedly raised over $7.5 million from investors by claiming to be the manager fro hedge fund,Neman Financial L.P.  Investors were told the fund invested in foreclosed residential properties that would be quickly flipped for profit, as well as in Facebook shares obtained in private transactions and other highly anticipated IPOs, including Groupon, LinkedIn, and Angie’s List. U.S. District Court Judge Jacqueline Nguyen for the Central District of California granted the SEC’s request for a temporary restraining order and asset freeze against Neman and the entities he controlled. Although Neman promised investors exorbitant returns resulting from his investing acumen and access to pre-IPO shares of well-known companies, what they actually received was simply other investors’ money in hallmark Ponzi scheme fashion. Neman apparently raised the funds from at least 11 investors - most of whom are members of the L.A. Persian-Jewish community, along with Neman, who lives in the Century City area of Los Angeles.  Neman used over 99% of the money raised to pay existing investors or to fund his lavish lifestyle - on high-end cars, to finance his wedding and honeymoon and other vacations, and to buy VIP tickets to sporting events. A court hearing is set for 4/23/12. SEC Staff Credits. Investigation and Examination by Cindy Eson, Joshua Bauder, Harden Sooper, and Yanna Stoyanoff of the LA Regional Office.  Litigation will be lead by Molly White. For further details, go to:  [SEC PR 12-64] and [SEC Complaint].