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SEC Closes In On Hedge Funds Over Shady "PIPEs" Transactions

Law360 (October 6, 2005, 12:00 AM EDT) -- The Securities and Exchange Commission is getting closer to launching legal action against at least two hedge funds actively involved in private investments in public equity (PIPEs), a type of financial transaction the SEC has been investigating for nearly two years, according to a report by TheStreet.com.

As part of its 18-month investigation into PIPEs, the SEC earlier issued subpoenas and document-requests to 30 brokerages and hedge funds that have arranged and invested in the majority of PIPE deals.

The investigation, a cooperative effort between the...
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