Inquiry ends with punishment suggested for SEC staffers

10/7/2008 | NYTimes.com

The Securities and Exchange Commission's inspector general concluded that the agency's director of enforcement and two supervisors possibly should be disciplined for their role in blocking an investigation into insider trading at hedge fund Pequot Capital Management. Inspector General H. David Kotz conducted the inquiry after SEC lawyer Gary J. Aguirre accused the agency of blocking the investigation for political reasons and then unfairly firing him. Kotz sided largely with Aguirre's version of the events and criticized the SEC for allowing "inappropriate reasons to factor into its decision to terminate him."

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