Samberg Sandbagged By SEC Lawyer

If there’s one thing Martha taught us, it’s that if you’re going to engage in insider trading, you might as well make some real money. According to allegations coming out of the SEC, that may be the sole consolation for Pequot Capital Management, Art Samberg’s $7 billion hedge fund that now stands accused of pocketing $18 million over a one-month period in 2001 by trading on private information relating to the acquisition of Heller Financial by General Electric. In a letter to Senators Chuck Hagel and Christopher Dodd in May, SEC lawyer Gary Aguirre, “The evidence suggests that the hedge fund’s CEO acted on an unlawful tip in directing the hedge fund’s trades.”
Pequot Probed by Regulators [Reuters]
Inquiry Clouds Future of HF Survivor [NY Times]

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