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The Wall Street Journal reports today (May 27) that Arthur Samberg's Pequot Capital Management is liquidating its core hedge fund amid an investigation into possible insider trading. Much of the information for that investigation -- and another insider trading probe about Pequot -- was provided by San Diegan Gary Aguirre. The Securities and Exchange Commission has reopened a probe into whether Pequot made payments to a former Microsoft employee who had provided information on the software firm's activities. Aguirre provided information on that case. Earlier, Aguirre, as an employee of the SEC, wanted to probe John Mack, Wall Street bigwig and head of Morgan Stanley. Aguirre had reason to believe that Mack might have given Samberg information on a pending merger, on which Pequot cashed in. Aguirre's boss said that Mack had too much political clout. The SEC fired Aguirre. But two Senate committees and the SEC's inspector general said that the SEC had wronged Aguirre to protect Mack, who should have been interviewed. That case was reopened, too.

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