Hedge Funds

Pequot cleared in insider trading case


The U.S. Securities and Exchange Commission has given Pequot Capital a verbal clean bill of health regarding its two-year investigation into alleged insider trading at the firm.

According to a letter from Pequot founder Art Samberg that was sent to investors this morning, Pequot "has been informed by the staff of the Securities and Exchange Commission that it is not going to recommend any enforcement action be taken against Pequot or any of our employees in connection with the insider trading investigation."

While the SEC has not closed the matter yet, Samberg writes, "we are nonetheless gratified by the