The Securities and Exchange Commission, the US regulator has taken emergency legal action to shut down Fountainhead Asset Management, a Philadelphia-based hedge fund, accusing it of a series of fraudulent acts over the past three years.

Legrome Davis, a US District Court judge, issued an order, sought by the SEC following a complaint that ran to 20 pages, to freeze the assets of Anthony Postiglione and William Lennon, the two partners at the fund, and stop them from breaking securities fraud laws.