Although Schneiderman is in a unique position that allows him to prosecute financial fraud under rules separate from federal securities laws under the Martin Act.

FORBES: State AGs Never Had A Chance Against Big Banks

The intent behind the federal securities laws, including the Investment Company Act and the Investment Advisors Act of 1940, was supposedly to provide investors with material information about money managers to enable them to make informed investment decisions.

FORBES: No Freedom of Information When It Comes to Money Managers (November 1, 2000)