Fightin’ Phil
No man is an island...and some even roll like tanks…
DETROIT — Hedge fund manager Phillip Goldstein, who has been accused of marketing alternative-class investments to a non-qualified investor through his firm’s website, is crying foul by drawing attention to what he described as a “sting operation” aimed at him and his company.
The complaint, filed Jan. 31 by Massachusetts Secretary of the Commonwealth William Galvin, stated that Brendan Hickey, a Quincy, Mass., resident, didn’t meet the net-worth requirements to invest in hedge funds. The complaint also stated that Mr. Hickey was able to register and receive information related to alternative investments via Mr. Goldstein’s website in early January without being screened for qualifications.
Mr. Goldstein, co-founder of Saddle Brook, N.J.-based Bulldog Investors General Partnership, doesn’t dispute that Mr. Hickey registered and received some specific hedge-fund-related information. Mr. Goldstein has challenged Mr. Galvin to consider the fact that Mr. Hickey was acting under the direction of RMR Advisors Inc., a Newton, Mass.-based money management firm involved in a separate legal battle with Bulldog Investors.
“I guess Galvin’s strategy is to file now and do the research later,” Mr. Goldstein said. “He’s just a bully, and people don’t want to get caught in his cross hairs.”
Read more at Investment News
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