Pequot Capital Management was notified by letter on Thursday that the U.S. Securities and Exchange Commission has formally concluded its insider trading investigation of the firm. The Westport, Conn.-based Pequot received informal notice earlier this fall that the investigation had been dropped.
Pequot has spent the past two years under investigation by the SEC for claims of insider trading. No action was ever taken against the firm or any of its employees. In a letter dated yesterday, firm founder Art Samberg expressed gratitude to the firm's clients and friends for their "continued confidence and support."