SEC Hedge Funds Probes

SEC Hedge Funds Probes

SEC Increases Probes into Hedge Funds

The Securities and Exchange Commission is ramping up probes into the hedge fund industry.  Hedge funds are also being asked to surrender performance and trading data to the regulator.  According to ABC News, The SEC has been sending subpoenas to funds in order to gather more information of the industry as part of the overhaul of the financial system.
In the past two months, the Securities and Exchange Commission has sent subpoenas to the funds asking for information about performance and how they raised assets, said the source.
The flurry of demands came after the SEC made it easier for enforcement staff to obtain subpoenas.
The source did not know whether the SEC was stepping up its efforts in relation to its insider trading probes. The agency and state and federal criminal authorities are pursuing the biggest insider trading case involving hedge funds.
That case has already ensnared the billionaire founder of Galleon Group, traders, lawyers and other Wall Street types.
In April, the SEC said it had about 150 active hedge fund investigations.  Source

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