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No one formerly at Melvin Capital is laughing at this meme.

Despite announcing in May that it is shutting down and returning money to investors, the hedge fund's risk appetite and disclosures are being probed by the Securities and Exchange Commission, according to sources who spoke to The Wall Street Journal. Melvin, you'll recall, was one of the biggest casualties of last year's meme stock frenzy, and its name is back in the news just as the stocks that toppled Melvin are surging again.

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Source Fool.com