Release: 5527-08 For Release: July 31, 2008 Tampa Resident Edward J. Evors Ordered to Pay $904,000 in Restitution and Civil Monetary Penalties in CFTC Action Evors Permanently Prohibited from Engaging in Commodity Trading-Related Activities Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced today that it obtained $452,000 [...]

For the past nine to twelve months a central question from anyone I meet is: with the markets the way they currently are – how is your business? The answer, maybe surprisingly, has been great. Each month we have more and more clients; each month there are new hedge fund [...]

If so, you better be aware of any potential liabilities against your organization. In an action against a hedge fund insurance company, an insured investment adviser lost in a claim against the insurance company for $5 million in losses. The reason the investment adviser lost the claim is, centrally, because [...]

Yesterday the SEC ordered E*Trade to comply with the AML rules which requires brokers to know the identity of their clients. The order found that E*Trade did not verify the identities of 65,442 secondary accountholders. While this is a major breach of the AML rules, it also shows that the [...]

Release: 5525-08 For Release: July 30, 2008 California Resident Gilbert Philip Castillo, Jr. to Pay More Than $272,000 to Resolve CFTC Anti-Fraud Action Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced today that Philip Castillo, Jr. of Walnut Creek, California, will pay $92,474.60 in restitution and a [...]

Analysis to be forthcoming… See http://www.sec.gov/divisions/investment/noaction/2008/mayerbrown072808-206.htm The Text: Investment Advisers Act of 1940 — Rule 206(4)-3 Mayer Brown LLP — Interpretative Letter July 28, 2008 RESPONSE OF THE OFFICE OF CHIEF COUNSEL DIVISION OF INVESTMENT MANAGEMENT Our Ref. No. 20087251738 Mayer Brown LLP File No. 132-3 This letter replaces the [...]

Hedge fund track record portability is always a big issue. A manager will want to bring his track record with him and some people believe that the track record of a “fund” is better than the track record of a managed account. In furtherance of this, some managers may be [...]

In a press release statement from Walkers, the Cayman law firm announces that the Cayman Islands have over 10,000 registered hedge funds as of the end of June 2008. Please see release below: Cayman Islands Sets Milestone with 10,000 Registered Funds 28-Jul-2008 Recent second quarter figures from the Cayman Islands [...]

On July 24, 2008 SEC Chairman Christopher Cox testified before the Congressional Committee on Financial Services concerning the reform of the financial regulatory system. His statement: Given these business, accounting, and regulatory differences, imposing the existing commercial bank regulatory regime on investment banks would be a mistake. It is conceivable [...]

Jul. 24, 2008 Testimony Concerning Reform of the Financial Regulatory System, Before the Committee on Financial Services, U.S. House of Representatives Given these business, accounting, and regulatory differences, imposing the existing commercial bank regulatory regime on investment banks would be a mistake. It is conceivable that Congress could create a [...]