The Securities and Exchange Commission put out a press release last week announcing its plans to lift a general solicitation ban on hedge funds and private security offerings.It went on to say:
Two days later, it put out another press release detailing its complaint against Kevin G. White, a purported private-equity and hedge-fund manager from Plano, Texas, for solicitations he’d been making for years.White is accused of taking investor money and spending it on personal items as well as misrepresenting his background and performance.
Kevin should seek out Carlyle Group lawyers who helped the private equity underwriter with sticky lawsuits. Michael Huffington sued Carlyle after it lost his $20 million in a "low risk, little downside" investment. SemGroup shareholders also sued Carlyle after their investment evaporated from billions in losses on forward looking contracts. SemGroup's SEC filings never mentioned the firm engaged in such trades and Carlyle went for a puffery defense.
As for timing Blackstone is ready to solicit funds from individual investors for its mutual fund which will invest in twenty or so hedge funds.