The Federal Bureau of Investigation is eager to get involved in more hedge fund cases. Recall that it recently nabbed Kirk Wright. At a recent conference, an FBI agent encouraged attendees to contact it with information about funds that may have broken the law. This is a whistleblower's dream. Or a disgruntled investor's. Agent Patrick Carroll urged accountants in attendance to look for possible conflicts and not to disregard people who may want to discourage them. Most hedge funds have nothing to worry about. But on the fringe there are the rogues. In one sense, this is welcome news. Hedge funds may not have to register, but that doesn't mean they are beyond the law.

For more:
- Here's a brief on at the Institutional Investor