Hedge Fund Manager Goldstein Loses ‘Freedom of Speech’ Case in Massachusetts

Securities Industry News – Hedge fund manager Philip Goldstein, who successfully curbed the Securities and Exchange Commission’s attempts in 2006 to regulate hedge funds, has lost a “freedom of speech” case against the state of Massachussetts.
A Massachussetts court on Sept. 30th  ruled that the state’s fop financial regulator,the Massachussets Secretary of the Commonwealth was allowed two years ago to order Goldstein to stop unqualified investors from looking at his firm’s website  for information on the funds his firm, Bulldog Investor, manages. William Galvin, the secretary of the commonwealth, had also ordered Goldstein to pay a $25,000 fine.
The case — Suffolk Superior Court Civil Action No. 07-1261-BLS2, Bulldog Investors General Partnership, et al. vs William F. Galvin, Secretary of the Commonwealth of Massachussetts –involved an unsolicited request for information through the Bulldog website in January 2007 by a Massachusetts resident who did not qualify under current securities law to receive such information because of insufficient net worth.
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