Pequot Capital will not be subject to SEC enforcement action regarding alleged insider trading. In a letter to clients obtained by Pensions & Investments, Pequot Chairman and CEO Art Samberg said: "I am very pleased to tell you that we have been informed by the staff of the Securities and Exchange Commission that it is not going to recommend any enforcement action be taken against Pequot or any of our employees in connection with the insider trading investigation. We should note that the SEC has not closed this matter as of yet, but we are nonetheless gratified by the staff's determination."
The SEC began an investigation of the hedge fund manager in June. John Nestor, director of the SEC's office of public information, declined comment.