June 23, 2006
Hedge fund Pequot being probed by SEC: report
U.S. regulators are investigating Pequot Capital Management, a $7 billion hedge fund, for possible insider trading. Pequot Capital Management is one of the nation's most prominent hedge funds.
The SEC has declined to confirm if it was investigating Pequot. However, a lawyer who once led the agency's investigation has told Congress that the fund's trading had repeatedly aroused suspicion among stock exchange officials. Records show that on 18 occasions, these officials referred the cases to SEC for further investigation. The investigation has not resulted in any charges against Pequot, and as of now, the hedge fund has denied any wrongdoing. Nytimes.com reports:
In one instance, Pequot made $18 million by investing in companies that soon after announced a major corporate merger, in July 2001, the lawyer told Congress.
Read more: S.E.C. Is Reported to Be Examining a Big Hedge Fund
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