A group of hedge funds are suing Milton "Todd" Ault, the Californian C.E.O. of investment firm Zealous Inc., for allegedly blowing their $4.2 million investment on porn productions and a swingers ranch. Who is Todd Ault? Among other things, he works in adult "publishing," and his company co-produced a porn film based on Sarah Palin. (Could it beWho's Nailin' Paylin?) Lawyers for the hedge funds say their millions were supposed to be steered to an "integrated global community of trading partners." In other words, a swingers ranch! Ault vehemently denies the allegations, and insists "there was never going to be a swingers club" upstate in New Lebanon, which court papers erroneously identify as the Catskills. (It's in Columbia County, and home of the bitchin' Lebanon Valley Speedway, which ZZ Top has been known to RAWK.) Ault tells the Daily News, "These hedge funds didn't do their homework when they made their investment," and says the plaintiffs' money was lost in the stock-market collapse.