S.E.C. Investigating Hedge Fund; Congress Investigating the Investigation

From the front page of today's NYT: One of the nation's most prominent hedge funds, Pequot Capital Management, is under investigation by the Securities and Exchange Commission for possible insider trading, according to government officials briefed on the case...At the same time, the S.E.C.'s handling of the Pequot inquiry has itself come under scrutiny by Congress and the Office of Special Counsel, a federal agency that examines whistle-blower complaints. These officials are examining charges by Gary J. Aguirre, the S.E.C. lawyer who ran the Pequot investigation until last summer, that senior S.E.C. officials had backed his inquiry — including the issuance of scores of subpoenas — until he sought the testimony of an influential Wall Street executive.

Read the whole article on the NYT website HERE or use LexisNexis (search on hedge fund in the headline)