The state of Massachusetts has sued Phillip Goldstein of Bulldog Investors, along with related funds and affiliates, for soliciting unqualified investors through the hedge fund’s website, HedgeWorldNews reports.

Massachusetts Secretary of the Commonwealth William Galvin, in a 75-page complaint, accuses Goldstein of violating the Massachusetts Uniform Securities Act, even though the website asked visitors to agree to a disclaimer that the contents of the site were not meant to be an offer to invest.

Galvin characterized that agreement as “inadequate, [offering] no meaningful restriction on access to the advertising or offering materials based upon a prospective investor’s state of residence, investment sophistication or financial background.”

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