The manager indicated in the offering memorandum that it was a registered investment advisor.

FORBES: Anatomy of (Yet Another) Hedge Fund Fraud (June 1, 2001)

Some investors swore never to invest in any hedge funds whose offering memorandum permitted gates, others significantly increased their allocation to cash.

FORBES: Investors Learn The Hard Way That Liquidity Is King During Market Meltdowns

Answer: A day trader with a private offering memorandum.

FORBES: The Shape of Things to Come (December 1, 2001)