Moneyman, Incensed Over Ad Ban, to Sue SEC

05 March 2008

NEW YORK: Litigious hedge fund manager Phil Goldstein - who last year successfully invoked the law to stop the Securities and Exchange Commission's compulsory regulation of the Klondyke-style financial sector - is now aiming to overturn the watchdog's ban on hedge fund ads.

The long-standing ban prevents such funds from soliciting money from the public. But, complains the money manipulator: "We want to be able to have a website like any other business.

"The only websites required to pre-qualify people are hedge funds and pornography . . . gun shops are allowed to advertise, the Massachusetts state lottery is allowed to have a website. We want to be treated like any other business."

He intends to file a suit in the Washington DC district court, asking for a declaratory judgment that the SEC rule should be struck out.

Data sourced from Financial Times; additional content by WARC staff