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The hedge fund legal elite meet in NYC to wrestle with a terrifying new threat -- RIA-like accountability

Something doesn't smell right to these attorneys about how allowing hedge funds to advertise with abandon coincides with making the them more liable for vetting investors

Author Dina Hampton October 3, 2013 at 6:04 AM
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No Capris, please: At New York's University Club, hedge fund counsel gathered to find a safe way forward for their beleaguered clients.



October 4, 2013 — 1:07 AM

Do I use solicitation? No, I wait for investors to fall from the sky. Why don’t they ask bearing manufacturers if they solicit orders? Ask their soul mates at Google if they solicit ads or if they just wait for them to be created out of thin air?

It’s the same type of illiterate question that comes from potential institutional investors as “do you have a third party administrator?” You mean, you don’t trust me to do my own accounting but you would consider investing with me? When you are looking for legal advice, do you decide on a counselor based on whether their firm does their own accounting? I’ve heard few things more asinine.



October 10, 2013 — 12:50 AM

Illiterate to ask whether there is a 3rd party admin involved? Hardly. However, perhaps a better quesiton is “Who is your 3rd party admin” – afterall, if there were proper administration, then we would have avoided a Madoff situation.

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