Back in March, financial blogger John Hempton, who blogs at Bronte Capital, wrote a few posts about a Connecticut hedge fund that smelled funny to him, and was told by the fund’s lawyers to back off. But apparently whatever oddities existed were sufficient to persuade the Securities and Exchange Commission and a federal judge to freeze the fund’s assets.

While some are saying the hedge fund is tied to Vice President Joe Biden, that’s not quite accurate — at least, as far as anyone knows so far. As Bronte Capital summarizes, “an allegedly fraudulent hedge fund (Ponta Negra) shared an office and a phone number and a common marketer (Jeff Schneider) with Paradigm Global, a fund of hedge funds owned by [Hunter Biden and James Biden, son and brother of the Vice President]. Paradigm Global have said that they were subtenants – and that they were introduced via their common marketer.”

At this point, there is nothing to indicate that the Vice President has done anything wrong; Hempton concludes that so far, all that can be said about the Bidens’ firm is that they have been “shockingly sloppy about basic due diligence issues.”

But this will probably be worth keeping an eye on.