Fine, Ban On Online Offerings Upheld For Fund Head

Law360, New York (July 7, 2010, 1:15 PM EDT) -- Massachusetts' highest court has upheld a $25,000 fine and a cease-and-desist order that the state's secretary of the commonwealth imposed on hedge fund manager Phillip Goldstein for allegedly making an unregistered public securities offering via the Internet.

In an opinion issued Friday, the Supreme Judicial Court of Massachusetts first ruled that Secretary of the Commonwealth William Galvin possessed personal jurisdiction over Goldstein and his fund, Bulldog Investors General Partnership, pointing out that they operated a Web site accessible in Massachusetts and sent a solicitation that is...
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