SEC reviews fraud in US industry

The Securities and Exchange Commission (SEC) is carrying out a review of fraud in the US hedge fund industry that could lead to tighter controls.

According to a recent Bloomberg report, SEC chairman Harvey Pitt said he is concerned that companies running both mutual and hedge funds could direct their best trades to the hedge funds because of the higher fees they offer.

The move comes amid criticism that Pitt did not go far enough to tackle auditor and analyst failures revealed in the wake of Enron

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