Massachusetts’ top financial regulator today sued hedge fund manager Phillip Goldstein, who successfully curbed regulators’ reach into the $1.3 trillion industry, for allegedly allowing unqualified investors to look at his portfolios.
Secretary of State William Galvin filed a civil complaint saying that Goldstein and his Bulldog Investors fund, of Saddle Brook, N.J., failed to restrict online access to the portfolios, which are considered a private offering.
No investor has been harmed. Goldstein does not reside or operate in Mass. This is a matter for the SEC and not Mr. Galvin and the taxpayers of Massachusetts.
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