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SEC's San Francisco Office Targeting Local Hedge Funds

Annabel and Arnold McClellan
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Annabel and Arnold McClellan
 

Annabel and Arnold McClellan
Drew Altizer Photography
https://citizen-media.s3.amazonaws.com/uploaded/images/2010/12/annabel-and-arnold-mcclellan-1/original/Annabel%20and%20Arnold%20McClellan.jpg?Signature=gjN68uGyC1HECZ09TG6ec%2FSn6oA%3D&Expires=1359073723&AWSAccessKeyId=AKIAICY2ZBGLHCXTSKJA
Annabel and Arnold McClellan
Drew Altizer Photography

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.

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