PORTLAND, Ore. (AP) — The Securities and Exchange Commission filed fraud charges Thursday against a Portland man accused of running a Ponzi scheme that raised more than $37 million.

The SEC alleges that Yusaf Jawed, 44, of Grifphon Asset Management, falsely boasted of double-digit returns to lure more than 100 people to invest their money in hedge funds he managed. He then used money to pay off earlier investors and pay for his personal expenses and travel.