Too bad: I had higher hopes for this man

Pequot Capital and its founder, Arthur Samberg, are disgorging $28 million in profits (plus penalty ) illegally gained from trading on insider information. Samberg was once a highly reputable fellow, and it’s a shame to see he had feet of clay.

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4 responses to “Too bad: I had higher hopes for this man

  1. Priapus

    The ultimate conflict of interest.

    The SEC lawyers use the full force of our tax dollars to enhance their careers and prosecute this nonsense, and then move to the other side as high priced defense attorneys with this “case” as a feather in their cap.

    Disgraceful.

    • I’ll tell you what, Priapus, I was fully supportive of this man when the charges were first filed because of his outstanding history, but I don’t think anyone agrees to disgorge $18 million in profits and pay an additional $10 million as a penalty and to be barred for life from the securities industry without being guilty of something. He wasn’t facing criminal charges – just civil, and even the worst of my brethren couldn’t charge him that much for a defense. I can’t speak for him, of course, but if I had unlimited funds, as he seems to, I’d spend more than $28 million to preserve my honor if it had been wrongfully impugned.

  2. Priapus

    He’s 69, having had heart health issues in his late 50s. With a ton of honestly earned dough and having wasted over 5 years of your life, I think you might view it differently. I’ll bet he would have offered that amount seven years ago, but that’s not how they work.

    You can get the money back but you can’t get the time. Art’s the real deal. You really think he needed an extra few hundred Gs that would have gone to the limited partners anyway? C’mon.