Tuesday, 31 March 2015
Last updated 32 min ago
Jan 4 2010 | 12:25pm ET
You’d better watch out, New York hedge funds: George Canellos is coming to town.
Well, he’s already in town. But he is making a list, of those firms accused of wrongdoing and those who seem likelier than others to be wrongdoing. And his inspections staffers will be knocking on their doors.
“Investment management, and especially hedge funds, is a big area of emphasis,” Canellos told HedgeFund.net. “Since I started, investment management inspection and enforcement work has consumed a significant portion of my time.”
“We have planned a number of significant sweeps of investment advisers,” he added. “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 towards cause- and risk-based exams,” as opposed to more routine checks.
The SEC took a beating over the past year for failing to catch Bernard Madoff’s $65 billion Ponzi scheme despite repeated warnings and several inspections. Now, Canellos said, the SEC is putting a premium on making sure that inspectors are equipped to catch the most sophisticated scams.
“A great deal of attention at every level of the SEC, including the commissioners themselves, is being given to developing areas of specialization; trying to make staff smarter and swifter and on the cutting edge of markets,” he said. “We bring in some academics, but mostly industry people to mine all sorts of information to better enable us to understand products and markets and improve our ability to assess financial and compliance risks.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…