Hedge Fund Faces S.E.C. Inquiry

``The S.E.C. has sent subpoenas to investments firms that have done business with the hedge fund, Vision Capital Advisers, Reuters reports... Securities regulators have had PIPE deals — private investment in public equity — increasingly on their radar in recent years. These investments, almost always in cash-starved companies, are privately negotiated and are not registered with the S.E.C. Some deals have led to insider-trading investigations.''