Friday, 27 November 2015
Last updated 40 min ago
May 26 2008 | 1:04pm ET
A lawyer for the hedge fund manager accused by Massachusetts authorities of improperly marketing his fund is lashing out at his client’s tormentor.
Raymond Mansolillo, who represents Michael Regan, called Massachusetts Secretary of the Commonwealth “unprofessional” and accused him of filing “premature” charges when he found out Regan had approached federal prosecutors in New York.
“It was completely unprofessional” Mansolillo said of Galvin’s highly-publicized charges, which were designed to “ignite the emotions of investors.”
Galvin’s securities division alleges that Regan’s Natick, Mass.-based River Stream Fund failed to adequately determine whether his roughly 60 clients were wealthy enough to invest in hedge funds. It also said that Regan was neither a registered investment adviser nor adviser representative, and that River Stream was also not registered. But the regulator also found more than a hint of other improprieties that may indicate that investors won’t be seeing their money again.
Mansolillo said his client is under investigation both by federal prosecutors and regulators in New York, but that Regan was the one who approached authorities and insisted on notifying his clients, the Boston Herald reports.
For his part, Galvin dismissed Mansolillo’s comments are complaints “from a client’s attorney.”
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…