Saturday, 30 August 2014
Last updated 1 day ago
Jul 6 2010 | 1:02pm ET
In his ongoing battle with the Commonwealth of Massachusetts, the third time was not the charm for Bulldog Investors founder Philip Goldstein.
The state’s Supreme Judicial Court on Friday rejected Bulldog’s appeal of a $25,000 fine levied against it by Massachusetts Secretary of the Commonwealth William Galvin more than three years ago. The appeals court, the state’s highest, ruled that New Jersey-based Bulldog violated Massachusetts securities laws by providing information about itself to a non-accredited investor. Bulldog’s funds are not registered in Massachusetts.
The ruling upholds two lower-level decisions, first from a Massachusetts Securities Division hearing officer and then a Boston Superior Court judge, which found against Bulldog. All three stem from Galvin’s January 2007 cease-and-desist order against Bulldog.
Bulldog had maintained that Galvin had no jurisdiction over it and that its rules violated the hedge fund’s First Amendment right to free speech.
It is unclear whether Bulldog plans to further appeal the case, but it would certainly be no surprise if the hedge fund did so. Goldstein in February sued Galvin, who he once called a “pompous ass,” accusing him of singling out Bulldog because of Goldstein’s outspokenness.
After losing the first court decision in October, Goldstein told Reuters, “apparently, if you live in Massachusetts, you have to be rich to read truthful material on a hedge fund Web site.”
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...