In U.S. v. Onsa, 2013 WL 789182 (E.D.N.Y. 2013), the court held that a hedge fund portfolio manager who provided investment advice to investors by managing their portfolios, determining which securities the fund should purchase with the investors' money, preparing and distributing account statements with inflated values which misled investors as to the advisability of keeping their money in the fund, and received compensation for the services he provided to the fund, was providing investment advice.