Accused Hedge Fund Manager's Lawyer Calls Galvin 'Unprofessional'

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.”

RELATED STORIES

Mass. Charges Hedge Fund Manager For Solicitations 


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note