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News November 15, 2004 Issue

Hedge Fund Failure to Supervise Case

On October 29, the SEC announced a settled enforcement case against Fanam Capital Management, an unregistered investment adviser. Among other things, the SEC alleged that the firmís portfolio manager failed to supervise the trading of the firmís CEO. The case appears to be only the second time that the SEC has brought a failure to supervise charge against an employee of an unregistered adviser (the first was brought back in December 2003).