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Bahamas judge removes Receiver of Hawthorne-Sterling group

The Bahamas Supreme Court has ruled that the local Securities Commission does not have the legal authority to wind up a mutual fund if the fund is unlicensed and, therefore, operating illegally. Senior Justice Emmanuel E. Osadebay issued his ruling on April 11, 2001 in relation to a winding up application filed by the Securities Commission against firms known as the Hawthorne-Sterling group.