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Alternative Market Briefing

Hedge fund that accepts Bitcoin raises questions

Thursday, February 20, 2014

Bailey McCann, Opalesque New York:

On Friday, FinAlternatives posted a short piece on New York-based "hedge fund" NYSO Hedge. The firm made news for its announcement that it will start taking subscriptions in Bitcoin, the popular crypto currency that has already seen significant speculative investments and drawn the ire of regulators. Regulators that take a quick walk through of the NYSO Hedge website may well find additional ammunition for their skepticism about Bitcoin and this firm.

Starting just with the visuals, the website itself is a website in a can created from a template service. That would be fine, until one starts to read closely and notice a variety of red flags. Hedge fund is typed as a single word. Multiple violations of the laws governing the hedge fund industry abound including "client" testimonials, headed by stock photos. Valuewalk pointed readers to the dubious claims that the fund is no risk. The website does in fact point this out in the same breath that it notes taking on more leverage is what removes said risk.

Perhaps this website can be explained by the fact that the fund says its services are governed by the rules of the Independent Financial Regulatory Authority, and not the SEC or FINRA. The website for IFRA points to a domain th......................

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