Patrick McCarty Hedge Fund Roundtable Presentation via SEC
SEC Hedge Fund Roundtable May 14-15, 2003
Panel 6: Enforcement/Fraud Concerns
Patrick McCarty
General Counsel, Commodity Futures Trading Commission
Facts And Figures
- 18 of the Top 25 Hedge Funds* are Operated by CPOs
- 55 of the Top 100 Hedge Funds are Operated by CPOs
- 44 of the Top 100 Hedge Funds are registered with the CFTC as CTAs
CFTC Pool Case Picture: The Last 5 Years
- Vast majority of the 54 cases involving commodity pools/CPOs are unregistered pool cases (78%)
- Most involve outright misappropriation of investor funds (sometimes without any futures trading)
- Typically, fewer than 50 participants (though has reached 250)
- Typically, less than $10 million invested (though has reached $140 million)
See full presentation below.