William Galvin, Massachusetts Secretary of the Commonwealth said last week that New Hampshire, Alabama, and Connecticut have joined in subpoenaing fund companies seeking their records in relation to the ongoing investigation into trading practices, Reuters reports.
The report indicated that
Galvin, who said his office receives information from insiders each day, called hedge funds the "principle looters here" and likened the incompatibility of hedge funds operating in the mutual fund world to "putting a shark in a goldfish tank."
Galvin pointed the finger at Chronos Asset Management and Folkes Asset Management in London, saying they were the most active hedge funds participating with Prudentials Boston office in making illegal trades.
