The US National Association of Securities Dealers (NASD) announced on Monday that it has filed three separate enforcement actions over fraudulent hedge fund offerings, as part of its continuing campaign focusing on the sale and marketing of this type of investment vehicle.
'As hedge funds are increasingly marketed to retail investors, the need to disclose all of the risks and material facts becomes paramount. Brokers cannot mislead investors by failing to disclose material facts when selling these or any securities,' the Association's vice chairman and president of regulatory policy and oversight, Mary L. Schapiro, explained.
The three actions were filed against the chairman and president of Win Capital Corp, Steven J. Bayern and Patrick M. Kolenik, the chairman of Shelman Securities Corp, Mark C. Parman, and former Allstate Financial Services representative, Neil W. Brooks.
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