BOSTON | Wed Sep 30 true religion Bootcut, 2009 3:43pm EDT BOSTON (Reuters) - A Massachusetts appeals court ruled on Wednesday that hedge fund manager Phillip Goldstein’s right to free speech was not violated when he was ordered to let only qualified investors view his firm’s website.
Goldstein, who runs Bulldog Investors and is best-known for successfully curbing the reach of financial regulators into the $1.4 trillion hedge fund industry, took the case to court after Massachusetts’ top financial regulator sued him for allowing unqualified investors look at his portfolios.
William Galvin abercrombie & fitch sale, Massachusetts’ Secretary of the Commonwealth true religion Bootcut, ordered Goldstein in 2007 to pay $25,000 and restrict online access to the portfolios, which are considered private offerings.
Goldstein, who won a landmark legal case in 2006 that overturned the Securities and Exchange Commission’s rule to require all hedge fund managers to register with the agency, said he had not yet seen the ruling.
His fund’s website www.bulldoginvestors.com/ says: "Our Website is currently being updated. Please check back soon. Thank you."
Galvin is among a handful of state regulators who have moved forcefully against hedge fund managers who improperly sell their products to people who do not meet minimum investment requirements or who break other securities rules.
(Reporting by Svea Herbst-Bayliss; editing by Andre Grenon)
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