The Overblown' Hedge Fund Fraud Cases
Traders Magazine, August, 2003 by Gregory Bresiger
The Securities Industry Association, in a recent comment letter to the Securities and Exchange Commission, is arguing against drastic new rules changes for hedge funds.
That's because, the SIA held, these popular and controversial investments are not a problem area.
In its letter, the SIA said one of its recent panels, which was attended by officials of the Securities and Exchange Commission, found few problems in the hedge fund business.
"A notion embedded in many recent press accounts that the industry has been characterized by frequent instances of fraud was convincingly refuted at the roundtable," according to the letter.
"Commission staff members at the roundtable acknowledged the existence of some 6,000 hedge funds, but cited only 12...
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