Boston Globe – Everybody’s getting into hedge funds, including Bill Galvin.

The Massachusetts secretary of state, who also happens to be the state’s top securities regulator, clearly had the hedge-fund industry in his sights at the start of this year. He began investigating a so-called hedge-fund hotel run in downtown Boston by brokerage giant UBS AG right away. Now Galvin has filed charges against a New York hedge-fund firm over information widely available on its website.

Hedge funds, he says, are a worthwhile area of focus for regulators. “There’s a buzz out there about hedge funds,” Galvin says. “Unfortunately, many things that come and go get a patina. Many times people get hurt.”

Galvin filed a civil complaint against Bulldog Investors and its principal, Phillip Goldstein , yesterday. The gist of the case: Bulldog lets just about anyone go on its website and view what Galvin describes as general solicitation material. This, he says, violates rules to make sure only qualified investors get involved with the sometimes riskier investments. The complaint will be heard at an administrative hearing if it isn’t settled.

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