Hedge Funds

Connecticut proposes antifraud unit for hedge funds

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The state of Connecticut could get its very own outfit to pursue hedge fund fraud if the state's joint banking committee has any say in the matter.

On March 9, the Connecticut General Assembly's 18-member Banks Committee unanimously agreed to propose the establishment of a hedge fund antifraud unit within the state's Department of Banking.

The bill sent to the floor of the state's House of Representatives calls for the creation of an office that would have the authority to investigate cases of alleged fraud involving any hedge fund in Connecticut. Investigations could be initiated by the unit of