Adviser Deluded Itself, Says Accountant
This has already been reported in several news outlets, but it may bring a chuckle to those of you who havenít seen it:
The independent accountants for the now-defunct Pebblebrook Fund apparently took a dim view of the fundís adviserís grasp of regulatory matters.
In a letter accompanying the fundís audited financials, the accountants said that when conducting the audit, it became clear that the fund adviserís management team did not have a firm understanding of the regulatory complexity of the 1940 Act:
"The Pebblebrook management team believed it had control procedures in place to ensure compliance with regulatory matters," said the accountants.
"Management deluded itself."