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Controversial ‘business development company’ Allied Capital Corp (NYSEARCA:ALD) appears to have escaped from the U.S. Securities and Exchange Commission’s investigation with the most feathery of wrist-taps, as the company’s unprincipled accounting practices go unfined, and sanctioned merely by the imposition of processes that an honest business of its type would already have in place.

Long a regular feature in Herb Greenberg’s MarketWatch column, Allied recently conceded that it had, in 2003, hired a private investigator who illegally obtained Greenlight Capital (NASDAQ:GLRE) principal David Einhorn’s personal phone records.

Another entry for ‘The Crooks Are Winning’ file.

In the matter of Allied Capital Corp
US Securities and Exchange Commission
Jun. 20 2007

Source: Herb G., David E., Will Not Be Pleased