NIR Group

Prosecutors in the United States are probing people close to NIR Group hedge fund on whether the US firm was paying kickbacks to outsiders to inflate the value of its holdings, according to the Wall Street Journal report who cited source familiar with the matter.

The authorities have been conducting the investigation into the company since 2009. The investigation is focused on establishing whether managing member Corey Ribotsky defrauded investors about their returns and the holdings of his various funds.