The Securities and Exchange Commission's sweeping examination of alternative mutual funds is now underway as it looks to gather information about the industry. The first exams will focus on liquidity, leverage and board oversight of alternative mutual funds. Todd Cipperman is the Founding Principal at Cipperman Compliance Services and says investors shouldn't be deterred from alternative mutual funds based on the SEC's 'sweep.' Cipperman says the government's oversight is a positive for small investors but says 'Alternative managers have little experience with the compliance requirements.' Some say the SEC is just gathering information about the funds not looking to deliver enforcement actions. TheStreet's Susannah Lee has details from New York.

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