SEC NY Head Tightens HF Oversight

Date: Wednesday, January 6, 2010
Author: Emii.com

George Canellos, director of Securities and Exchange Commission’s (SEC) New York regional office, is inspecting a number of New York hedge funds, HedgeFund.net reports. He has planned several sweeps of investment advisers and is looking to orient its investment management program more towards cause- and risk-based exams.

After the $65 billion Bernard Madoff Ponzi scam despite repeated warnings and several inspections, the SEC is now assuring that inspectors are well-equipped and trained to detect the most sophisticated scams. The staff reorientation will include a great deal of attention at every level of the SEC, including the commissioners, to make staff smarter and swifter, he added.