UPDATE: Somebody needs to look at the SEC. Probe of hedge fund chief derailed by SEC official’s alleged action, report says. “A federal probe of possible market manipulation and insider trading by a hedge fund manager was derailed when Securities and Exchange Commission officials found that an agency supervisor had improper contact with the fund manager, according to a report released Wednesday by the SEC’s inspector general. The report did not identify the employee, who worked at the agency’s headquarters, or the hedge fund manager, and it described the case in elliptical terms. . . . The report also described other improprieties by unidentified SEC employees.”
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