Feb. 11 (Bloomberg) -- Seth Tobias, the hedge-fund manager found floating face down in the pool of his Jupiter, Florida, mansion last year, wasn't the victim of a crime, according to prosecutors.

``Based upon the evidence available at this time, including the autopsy and toxicology reports, there is no indication of criminality in the death of Mr. Tobias,'' said a letter signed by Mary Ann Duggan, Palm Beach County's assistant state attorney and sent to the Jupiter police department.

Tobias's family claimed in a civil suit that Tobias's wife, Filomena, caused her husband's death on Sept. 4 by asphyxiation or drowning. They sought to invoke Florida's ``slayer statute,'' which bars a person from inheriting assets from someone he or she murdered. Billy Ash, who said he worked as an assistant to the married couple, claimed Filomena told him she'd killed her husband by drugging him with sleeping pills.

``We've always known there was no credence to Ash's claims and to the Tobias brothers' claims,'' said Jay Jacknin, a lawyer for Filomena.

Spence Tobias, Seth's brother and a money manager at Circle T, declined to comment. James Pressly, who is representing Spence and another brother, Sam, in the lawsuit, didn't immediately return a call seeking a comment.

Tobias's estate is valued at about $25 million, according to his brothers. His will predates his 2005 marriage to Filomena.

Billy Ash

Ash told the New York Times Filomena had lured her husband, who he said had taken cocaine, into the pool by promising him sex with a male go-go dancer named Tiger. Tobias met Tiger at a gay bar in West Palm Beach called Cupids, Ash told the Times.

Tobias, 44, was the managing member of New York-based Circle T Partners LP and a financial-news commentator. Circle T invests in stocks and manages about $200 million. He was a frequent guest on CNBC and Bloomberg television.

On the night police responded to Filomena Tobias's 911 call, she told officers her husband may have used cocaine hours earlier at a bar, according to a search warrant. Filomena declined to let them search her home, spurring police to obtain the warrant.

Detectives at the house collected two clear plastic bags containing a white powdery substance -- one mixed with blue flecks -- and a plastic straw, the warrant says. Jupiter police declined to say whether they have identified the substances.

To contact the reporters on this story: Katherine Burton in New York at kburton@bloomberg.net; Demian McLean in Washington at dmclean8@bloomberg.net

Last Updated: February 11, 2008 17:51 EST