Schumer and Samberg

http://www.futureofcapitalism.com/2010/05/schumer-and-samberg

The SEC, Arthur Samberg, and Pequot Capital have announced a settlement in which, as the SEC press release put it, they "agreed to settle the SEC's charges without admitting or denying the SEC's allegations against them. Pequot and Samberg agreed to pay a total of nearly $18 million in disgorgement of trading profits and prejudgment interest as well as $10 million in penalties. With the exception of certain activities aimed solely at winding down Pequot, Samberg also has agreed to be barred from association with an investment adviser."

It'll be interesting to see whether the Democratic Senatorial Campaign Committee will now return the $28,500 that Mr. Samberg gave in August of 2007 to the Democratic Senatorial Campaign Committee then headed by Senator Schumer. Mr. Schumer is a member of the Senate Finance and Judiciary Committees that were probing the SEC's handling of the Pequot investigation. We wrote about the donation and the SEC case back in May 2009.

by Ira Stoll  |  May 27, 2010 at 4:19 pm Related Topics:  Politics, SEC, Senator Schumer receive the latest by email: subscribe to the free futureofcapitalism.com mailing list