Hedge funds have long been accused of having shady dealings, but they’re now facing an increasing amount of scrutiny.

The Federal Reserve is investigating the funds for alleged manipulation and is set to hold its first quarterly meeting next week.

A number of investors, including the founder of a hedge fund that was acquired by private equity firm Kleiner Perkins, are suing the fund over alleged fraud.

Here are some of the latest headlines: • Hedge funds, hedge fund investors fight over ‘unethical practices’ article The Federal Securities and Exchange Commission (FSC) is investigating hedge fund manager Jeffery Schiller for allegedly manipulating a hedge funds equity allocation scheme.

Heather O’Neill, the former president of the American Association of Retired Persons, and former president and CEO of the National Association of Home Builders, filed a lawsuit against Schiller, saying he engaged in “unethical conduct” by buying and selling hedge funds that were being sold on the exchange.

A representative from the SEC did not immediately respond to Mashable’s request for comment.

Schiller was not immediately available for comment on Friday.

• Hedge fund CEO Jeff Schiller sued over allegations of fraud and abuse.

According to a court filing, he and his family had been defrauded out of $9 million in money that he had invested in hedge funds.

The complaint alleges that he sold the money to a man named Michael Gerson who then “made a false and fraudulent claim to the FSC that his investment in a hedge-fund company was valued at approximately $7.6 million and that Schiller’s family had received $9.6 in compensation.”

Schiller is also alleged to have engaged in a scheme to defraud the Securities and Investment Commission (SEC) out of approximately $11.2 million by falsely telling the SEC that he “had invested in $3.3 million of a $10 million hedge fund,” according to the complaint.

The SEC has since opened an investigation into the alleged fraud allegations.

A spokesman for the SEC declined to comment on the case.

• Hedge fund CEO says ‘we’re not in the game’ of ‘the money’ article Schiller has denied the allegations, but he told CNBC he was not the only investor to be misled.

“We’re not the ‘money’ of hedge funds,” he said.

“Our investors are.”

Schilling also said he and the rest of the fund’s investors are now looking for a new hedge fund.

He added that he would “take any opportunity” to help the fund raise more money to diversify the funds portfolio.

The lawsuit filed against Schilling alleges that the alleged “inherently misleading” practices resulted in the funds “stuck with a significant negative return.”

The lawsuit is seeking unspecified damages.

• What is the SEC’s probe into hedge fund fraud?

The SEC said that the probe into alleged fraud was triggered by an investigation of the alleged fraudulent activities of Schiller and the hedge funds of others in the fund.

The investigation began after a series of alleged misconduct allegations against Schillers hedge fund were raised at a public meeting held on September 29.

The FSC said that an employee of the SEC contacted Schiller to tell him that he and others in Schillers hedge fund, the Schiller Fund Advisors, were “involved in multiple transactions that resulted in fraudulent returns and a loss to investors.”

The SEC investigation also included a separate investigation by the SEC Enforcement Division, which is investigating alleged “unfair practices” by hedge fund managers.

Schillys lawyers told the FFC that the hedge fund had been “invested in by the FRC as a matter of course,” and said that they were “satisfied with the manner in which the FDC and the fund have dealt with this matter.”

The investigation also focused on “a significant portion of the funds assets and assets of its hedge fund partners, including a significant portion” of the money that Schillies hedge fund “had contributed to its own fund.”

The fund’s hedge fund’s management company, a company called Hedge Fund Capital Management, has been charged by the U.S. Department of Justice with fraud, wire fraud and conspiracy, among other charges.