SEC Accuses Fund Of Illegal Short Selling

Law360, New York (October 16, 2007, 12:00 AM EDT) -- A hedge fund that allegedly made illegal trades relating to 18 public offerings will have to answer to the U.S. Securities and Exchange Commission, after regulators filed a suit against the fund and its managing director.

In a lawsuit filed Monday in the U.S. District Court for the Southern District of New York, the SEC alleged that Colonial Fund LLC, along with adviser Colonial Investment Management LLC and managing director Cary G. Brody, violated federal securities laws by using shares purchased in public offerings to cover...
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