Old Hill Up An Old Creek Without An Old Oar

Something’s rotten in suburbia. Sleight-of-hand transactions at the Darien-based hedge fund Old Hill Partners has been raising eyebrows around Wall Street and concerns among regulators. The activities in question include transferring securities between the fund and general partner John Howe’s personal accounts. It is possible that there was a legitimate reason for the inconventional move--there are rare circumstances in which a trade in the client’s interest can’t be done in the main portfolio. But other signals are suggesting all may not be copasetic: the fund’s auditors, BDO Seidman, recently issued a qualified opinion on its financials, implying that they were not given full access to the firm’s books or the books were not in order.
Fund’s Quick Play [NY Post]

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