Tuesday, 24 May 2016
Last updated 7 hours ago
Dec 20 2011 | 12:03pm ET
There's a new man overseeing the hedge funds of Greenwich, Conn.
The Securities and Exchange Commission yesterday announced the Michael Garrity had been named head of examinations at its Boston office. Garrity will oversee examinations in the six New England states, including the hedge-fund hotspot of southwestern Connecticut and the private equity firms (and mutual fund houses) of Boston.
Garrity's promotion comes as the SEC's new powers over hedge funds and other alternative investment managers are about to come into force. He has been co-acting head of examinations.
Garrity is one of the few SEC employees to come off well in the agency inspector general's report on the Bernard Madoff Ponzi scheme two years ago. Madoff whistleblower Harry Markopolos praised Garrity, who told Markopolos that he would have an inspection team at Bernard L. Madoff Investment Securities "the very next day." But Madoff's firm was based in New York, beyond the Boston office's jurisdiction, and Garrity's recommendation to the New York SEC office was ignored.
Garrity has a "passion for protecting investors," SEC Boston chief David Bergers said.