Testimony Continually References Lack of SEC Funding
Yesterday the Senate Commission on Banking, Housing and Urban Affairs held a hearing on the Madoff scandal. Those providing testimony include an investor who was swindled by Madoff, two employees of the SEC and a law school Professor. While all testimony concerned Madoff to some extent, a few themes [...]
SMH Capital Fined $450,000 for Procedural Failures Regarding Soft Dollar Payments, Distributing Improper Hedge Fund Sales Materials
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA) today announced that it has fined SMH Capital Inc. (f/k/a Sanders Morris Harris, Inc.) of Houston, TX, $450,000 for failing to adopt adequate supervisory procedures and systems designed to address [...]
SEC News Digest
Issue 2009-5
January 8, 2009
Mutual Benefits’ Founding Principals and Others Charged In $1 Billion Investor Fraud and Ponzi Scheme
On January 5, 2009, the United States Attorney for the Southern District of Florida announced the Indictment of Joel Steinger, Steven Steiner, Michael McNerney and Anthony Livoti, Jr., in connection with their involvement with Mutual Benefits [...]
Today, the Commission filed a civil injunctive action in the United Stated District Court for the Western District of New York and a motion for a temporary restraining order and asset freeze against defendants Gen-See Capital Corporation a/k/a Gen Unlimited (”Gen-See”) and its owner and president, Richard S. Piccoli. The Commission is also seeking an [...]
Hedge Fund Research Paper Discusses Back Office Outsourcing
Many hedge fund managers would prefer to forget the more mundane parts of running a hedge fund, like making sure all of the back office items are in order. This means making sure that the IT and other back office needs are properly functioning. To this end many [...]