In that capacity, Woo instructed the fund administrator to make millions of dollars in payments to two entities, TWDRR LLC and MGTW LLC, for claimed “research consulting services,” according to prosecutors. Woo also allegedly misled the fund's external auditor to conceal the arrangement, claiming that MGTW was an independent research consulting firm hired to develop short investment ideas on a project-by-project basis. The government said Woo opened and controlled multiple credit cards in the fund's name and charged unauthorized personal expenses to them, including thousands of dollars in purchases at adult entertainment establishments and on international vacations.