Instead of having to deal with all of this stuff, why don't the owners of these offices just structure their office as a legitimate hedge fund and hire traders. The salary could be minimal and mainly performance-based with a hefty profit-share going to ownership. This way the interests of the traders and owners would be more aligned and less open to SEC scrutiny. It would seem to be a good choice if they had the money. However, I'm going to assume money is the main reason they don't?? Any intelligent insight into this?