Small hedge funds can be rough-and-tumble places to work, as the antics can get pretty wild. Some guys like to run them like personal fiefdoms. Former Structured Portfolio Management trader Jeffrey Kong has filed a suit, notes the Greenwich Time,  that offers an unflattering glimpse into the company's culture.

Don Brownstein, founder of SPM, was said to have sauntered around a meeting room with a bat, mimicking Robert De Niro in a bloody scene in "The Untouchables." The suit says he slapped the palm of his hand with a baseball bat and stopped behind Kong to say, "I'll kill you if you leave. The only way you can leave this firm is in a body bag."

Kong and Brownstein had worked together for a decade until Kong resigned in May of 2010 and then took a job with a rival fund. A bitter battle over funds that Kong believes he is owed ensued. It's all playing out in local court in Connecticut.

Smaller firms, it is fair to say, are often much less politically correct than big bulge bracket Wall Street firms.

Another more sordid suit involved two employees of Titan Capital. A lawsuit revealed allegations that one employee was asked by the founder to photocopy racy pictures of his wife. The employee was then asked inappropriate questions allegedly. A counterclaim charges that the employees are using the pictures to shakedown the boss and his wife. Whatever happened, this does not make the company look good, and investors must be taking note.

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