I would suggest, all you nubes that worship these scumbags pay heed. Criminal will be next. If you are so inclined, read Aguirre's statement to the Senate Judiciary Committee. It is unbelievable:
Hedge Funds »
Hedge Fund Set to Face Insider Trading Charges
August 12, 2009, 12:41 pm
Pequot Capital Management, the once-prominent hedge fund run by Arthur J. Samberg, has been notified by the Securities and Exchange Commission that it intends to file civil insider trading charges against the firm, according to a letter sent to Pequot investors on Monday.
âThe Commission staff intends to recommend that the Commission bring civil injunctive actions against them, alleging that they violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder,â the letter said, referring to Mr. Samberg and the firm. (Read the full text of the letter after the jump.)
A person close to the investigation said Mr. Samberg and the firm received the so-called Wells Notice from the S.E.C. about six weeks ago. Itâs unclear whether they are in settlement negotiations with the commission, but Mr. Samberg said in the letter that âthe Wells Notices and any resulting enforcement action are without meritâ and that they intend to defend themselves vigorously in the matter.
In May, Mr. Samberg, a veteran of the hedge fund industry, surprised investors and employees by saying he would shut down the firm because of a reopened government investigation into possible insider trading. A spokesman for Pequot declined to comment.
The firm once invested $15 billion and most recently managed roughly $3 billion. The S.E.C. and the Justice Department recently resurrected their investigation, which focuses on Pequotâs trades in Microsoft securities in 2001. That move followed revelations that Mr. Samberg had paid $2.1 million to a former Microsoft employee, David Zilkha, in 2007. Mr. Zilkha had worked briefly for Pequot six years earlier. The payment came to light recently during Mr. Zilkhaâs divorce proceedings.
August 10, 2009
Dear Investor:
We would like to make you aware that Pequot Capital Management, Inc. and Art Samberg have received Wells Notices from the staff of the Division of Enforcement for the Securities and Exchange Commission (the âCommission staffâ) relating to their trading in Microsoft securities over 8 years ago. The Commission staff intends to recommend that the Commission bring civil injunctive actions against them, alleging that they violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In connection with the contemplated actions, the Commission staff may seek, among other things, a permanent injunction, disgorgement (plus prejudgment interest), a civil penalty, and/or other available remedies. With respect to Art, the Commission staff also intends to recommend that the Commission authorize the institution of administrative proceedings against him pursuant to Section 203(f) of the Investment Advisers Act and may seek an investment advisory bar.
We believe the Wells Notices and any resulting enforcement action are without merit and intend to defend the matter vigorously.
We do not believe this development impacts the process of liquidating the remaining securities in the Pequot funds.
Sincerely,
Pequot Capital Management, Inc.
â Zachery Kouwe
Hedge Funds »
Hedge Fund Set to Face Insider Trading Charges
August 12, 2009, 12:41 pm
Pequot Capital Management, the once-prominent hedge fund run by Arthur J. Samberg, has been notified by the Securities and Exchange Commission that it intends to file civil insider trading charges against the firm, according to a letter sent to Pequot investors on Monday.
âThe Commission staff intends to recommend that the Commission bring civil injunctive actions against them, alleging that they violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder,â the letter said, referring to Mr. Samberg and the firm. (Read the full text of the letter after the jump.)
A person close to the investigation said Mr. Samberg and the firm received the so-called Wells Notice from the S.E.C. about six weeks ago. Itâs unclear whether they are in settlement negotiations with the commission, but Mr. Samberg said in the letter that âthe Wells Notices and any resulting enforcement action are without meritâ and that they intend to defend themselves vigorously in the matter.
In May, Mr. Samberg, a veteran of the hedge fund industry, surprised investors and employees by saying he would shut down the firm because of a reopened government investigation into possible insider trading. A spokesman for Pequot declined to comment.
The firm once invested $15 billion and most recently managed roughly $3 billion. The S.E.C. and the Justice Department recently resurrected their investigation, which focuses on Pequotâs trades in Microsoft securities in 2001. That move followed revelations that Mr. Samberg had paid $2.1 million to a former Microsoft employee, David Zilkha, in 2007. Mr. Zilkha had worked briefly for Pequot six years earlier. The payment came to light recently during Mr. Zilkhaâs divorce proceedings.
August 10, 2009
Dear Investor:
We would like to make you aware that Pequot Capital Management, Inc. and Art Samberg have received Wells Notices from the staff of the Division of Enforcement for the Securities and Exchange Commission (the âCommission staffâ) relating to their trading in Microsoft securities over 8 years ago. The Commission staff intends to recommend that the Commission bring civil injunctive actions against them, alleging that they violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In connection with the contemplated actions, the Commission staff may seek, among other things, a permanent injunction, disgorgement (plus prejudgment interest), a civil penalty, and/or other available remedies. With respect to Art, the Commission staff also intends to recommend that the Commission authorize the institution of administrative proceedings against him pursuant to Section 203(f) of the Investment Advisers Act and may seek an investment advisory bar.
We believe the Wells Notices and any resulting enforcement action are without merit and intend to defend the matter vigorously.
We do not believe this development impacts the process of liquidating the remaining securities in the Pequot funds.
Sincerely,
Pequot Capital Management, Inc.
â Zachery Kouwe