Securities and Exchange Commission attorneys are recommending that no action be taken against Pequot Capital Management Inc., a major hedge fund that was the subject of an insider-trading probe that led to allegations of political interference within the SEC.
Pequot Chairman Art Samberg disclosed the decision by SEC enforcement staff in a note Thursday to the hedge fund’s clients, saying no action is expected “against Pequot or any of our employees in connection with the insider trading investigation.” The SEC declined to comment on the letter.
