The Wall Street Journal had a story yesterday on the recently more activist local outpost of the Securities and Exchange Commission.
"We're building a more aggressive operation," Marc Fagel, head of the SEC's San Francisco office, told the Journal.
Local hedge funds are a special focus of its investigative efforts, the story says. "The shift in focus is reverberating among Bay Area technology companies and financial-services firms. On Wednesday, the office sued the manager of a small hedge fund in San Francisco, alleging that he temporarily hid more than $12 million in trading losses. The manager, Neil Godbole, settled the suit without admitting or denying the charges, paid a $40,000 penalty and agreed to be barred from association with any investment adviser for five years."
Also mentioned is the SEC case filed Tuesday against a former Deloitte Tax LLC partner, Arnold McClellan, and his wife, Annabel McClellan. The Bay Citizen covered that story in detail yesterday.