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SEC Is Ready to File Case Against Pequot
http://online.wsj.com/article/SB125009373416526291.html
Pequot Braces for S.E.C. Inquiry
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| 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.
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http://dealbook.blogs.nytimes.com/2009/08/12/pequot-faces-insider-trading-charges/
Pequot gets Wells Notice on Microsoft trades: WSJ
,----[ Quote ]
| Hedge fund Pequot Capital and its founder Art Samberg have received Wells
| Notices from the Securities and Exchange Commission, The Wall Street Journal
| reported Wednesday on its Web site.
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http://www.marketwatch.com/story/pequot-gets-wells-notice-on-microsoft-trades-wsj-2009-08-12
Pequot, Samberg Said to Be Warned of SEC Claims Over Microsoft
,----[ Quote ]
| Pequot spokesman Jonathan Gasthalter said he couldnât comment on the notices.
| Kevin Callahan, an SEC spokesman in Washington, declined to comment.
|
| The SEC closed a related probe in 2006, writing in an internal memo that it
| couldnât find evidence to support a case. In January, people familiar with
| the matter said the agency had opened another investigation.
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http://www.bloomberg.com/apps/news?pid=20601087&sid=abgbcl5wh91Q
Related:
Microfraud?
,----[ Quote ]
| THE ALLEGATIONS WERE shocking: For years, Microsoft has systematically
| distorted its profit figures in an effort to consistently beat Wall Street
| expectations and keep its stock price steadily rising. The false reports
| would violate SEC regulations, and amount to outright fraud.
|
| More shocking was the source of the allegations: Microsoft's chief of
| internal audits, Charlie Pancerzewski, who reported directly to the company's
| chief financial officer.
|
| Most shocking of all was what happened to Pancerzewski when he reported the
| suspicious bookkeeping to his supervisors, Microsoft CFO Mike Brown and chief
| operating officer Bob Herbold, in the spring of 1995. Soon afterward,
| Pancerzewskiâwho for nearly five years had received stellar performance
| evaluationsâreceived his first-ever unsatisfactory one, and was eventually
| forced to resign.
|
| Two months ago, Microsoft quietly settled a lawsuit containing these
| allegations, filed in 1997 by Pancerzewski under the Whistleblowers
| Protection Act. The auditor claimed he was wrongfully terminated after
| telling his supervisors that Microsoft might be breaking securities and tax
| laws. The lawsuit made its tortuous way through several rounds of pretrial
| motions until last fall, when US District Judge Carolyn Dimmick denied
| Microsoft's final plea for summary judgment, finding credible evidence that
| Microsoft may have violated SEC rules, as Pancerzewski alleged. Shortly
| thereafter, Microsoft and Pancerzewski settled out of court. Terms of the
| agreement were sealed, but one source who claims familiarity with the case
| says that Microsoft paid Pancerzewski $4 million.
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http://web.archive.org/web/20070308032343rn_2/www.seattleweekly.com/1999-01-06/news/microfraud.php
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