Mass. Hedge Fund Sues To End State Registration

Mar 5 2014 | 1:27pm ET

A Massachusetts hedge fund has sued the state’s securities regulator, alleging that William Galvin is blocking its transition to registration with the Securities and Exchange Commission.

Opaleye Management—formerly known as Risk Reward Capital Management—said that Galvin, Massachusetts’ secretary of the commonwealth, is illegally forcing it to retain redundant registrations, with both the state and SEC. Galvin’s office said Opaleye can’t deregister in the state while it is under investigation, as it has been for three years.

Risk Reward was accused of insider trading in 2011. Galvin alleges that the firm used expert network consultants to obtain confidential information about at least two pharmaceutical companies.

Opaleye was required to register with the SEC late last year, after its assets under management topped $100 million.


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of