1st Use Of New Pooled Investment Anti-Fraud Rules

Law360 (December 2, 2008, 12:00 AM EST) -- Securities law practitioners should take note of a recent decision by United States District Judge Gerard E. Lynch, which marks the first use of the Securities and Exchange Commission's new anti-fraud rules promulgated under the Investment Adviser Act.

Practitioners should become familiar with these new rules because we are likely to see them used in the future by the SEC and federal prosecutors in efforts to target hedge funds.

In a Nov. 17, 2008 decision in Securities and Exchange Commission v. Rabinovich & Associates, 07 Civ. 10547 (GEL) (S.D.N.Y.), Judge Lynch held that Joseph Lovaglio, the managing director and head of...

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