Monthly Archives: December 2008

Fraudulent Commodity Pool Operator Issued Injunction

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A commodity pool operator is issued an injunction for fraudulent behavior.  In classic fashion, this fraudster touted performance results which were grossly inaccurate.  The scheme ended earlier this year and investors lost almost $6 million dollars.  As we’ve noted before, hedge fund investors (including those investors in commodity and futures hedge funds) need to make sure to complete due diligence on the hedge fund and hedge fund manager.  The release below details the events and injunction.  Continue reading →

Open Letter to CEOs of SEC-Registered Firms (SEC Release)

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Open Letter to CEOs of SEC-Registered Firms
December 2, 2008

Dear CEO of SEC-Registered Firm:

During this time of financial and market turmoil, the Office of Compliance Inspections and Examinations of the Securities and Exchange Commission reminds leaders of SEC-registered firms, including broker-dealers, investment advisers, investment companies and transfer agents, of the critical role played by your firm’s compliance programs in helping to meet your obligations under the securities laws. Your firm’s compliance function is critical to assure that your operations comply with the law and rules for industry participation and to ensure that the interests of your customers, clients and shareholders are protected. Moreover, compliance is a vital control function that helps to protect the firm from conduct that could negatively impact the firm’s business and its reputation. Continue reading →

SEC Staff Reminds CEOs Of Registered Firms of Importance of Compliance Programs (SEC Release)

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SEC Staff Reminds CEOs Of Registered Firms of Importance of Compliance Programs
FOR IMMEDIATE RELEASE
2008-283

Washington, D.C., Dec. 2, 2008 — The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations today issued an open letter to chief executives of SEC-registered firms, including broker-dealers, investment advisers, investment companies and transfer agents, to remind them of the critical role played by their firms’ compliance programs in assuring that their operations comply with the law and rules for industry participation and to ensure that the interests of customers or clients are protected. Continue reading →

Hedge Fund Accounting Firm Named Tops in 2008 (Press Release)

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Rothstein Kass Rated Top Accounting Firm in 2008 Hedge Fund Service Providers Survey by Alpha Magazine

NEW YORK, Dec 01, 2008 /PRNewswire via COMTEX/ — CPA firm Rothstein Kass rated first among accounting firms in the 2008 Alpha Awards(TM), an annual ranking of hedge fund service providers sponsored by Institutional Investor’s Alpha Magazine. Results were based on voting by more than 1,000 hedge fund firms with aggregate assets in excess of $1.5 trillion. Researchers asked participants to rate the quality of service received during the 12 month period ended March 31, 2008. Rothstein Kass finished first overall for client service and also topped the list of “small firms’ favorites,” and “big firms’ favorites.” The firm was also the top firm in the “audit,” “regulatory & compliance” and “hedge fund expertise” categories. Continue reading →