(The Wall Street Journal) -- The Securities and Exchange Commission filed civil-fraud charges against investment adviser Sentinel Management Group, a development that could rewrite the history of last week's market turmoil.

Early last week, Sentinel, a company that manages short-term cash for hedge funds and futures brokers, told clients it was halting redemptions because of the "liquidity crisis" in the credit markets. The news contributed to a 207.61-point fall in the Dow Jones Industrial Average when it became public Tuesday, and added to the sense of fear that gripped credit and stock markets all week long.