New York Securities and Exchange Commission

New York SEC

Head of New York SEC Plans Sweeps of Hedge Funds

George Canellos, the Securities and Exchange Commission's New York Regional Director, has announced his agency's plan to check into New York hedge funds.  “We have planned a number of significant sweeps of investment advisers,” Canellos said in a recent interview.  This follows some high profile scandals involving investment funds which the SEC was slow to catch or failed to catch entirely (Bernie Madoff's ponzi scheme).  With a new chief heading the New York offices, hedge funds can expect stronger monitoring.
“In the last few months — really in the last year or two — we have tried to orient our program, especially the investment management program, more toward cause- and risk-based exams.”

Mr. Canellos’s focus on the hedge fund industry follows the discovery of the $65 billion Ponzi scheme orchestrated by Bernard L. Madoff, as well as the alleged insider trading scheme surrounding hedge fund Galleon Group.

“Investment management, and especially hedge funds, is a big area of emphasis,” Mr. Canellos told the publication. “Since I started, investment management inspection and enforcement work has consumed a significant portion of my time.”

Mr. Canellos was a partner in law firm Milbank, Tweed, Hadley & McCloy litigation group, before joining the S.E.C. in July.  Source

Related to: New York Securities and Exchange

Tags: New York Securities and Exchange, New York Securities and Exchange Commission, New York SEC regional director, George Canellos, New york hedge funds

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