Pequot Capital Management

Pequot was founded in 1998 by Arthur J. Samberg. Based in Westport, Connecticut, United States, the firm had additional offices in San Francisco; New York City; Los Angeles; Greenbrae, Menlo Park; Wellesley; and London, United Kingdom.{{cn|date=December 2021}}

In 2001 Pequot was reported to be the largest hedge fund globally with $15 billion in assets.{{cite web|url=https://www.nytimes.com/2010/05/28/business/28pequot.html|title=Pequot Capital and Its Chief Agree to Settle S.E.C. Suit for $28 Million|last=Morgenson|first=Gretchen|date=27 May 2010|work=New York Times|access-date=21 December 2018}}

The firm's venture capital business, Pequot Ventures, spun off on June 30, 2008, into a separate company named FirstMark Capital. The company is based in New York City.[https://techcrunch.com/2008/03/04/pequot-ventures-spun-off-as-firstmark-capital/ Pequot Ventures Spun Off As FirstMark Capital][http://www.redherring.com/Home/23860 Pequot Ventures Plans Split With Hedge Fund] {{webarchive|url=https://web.archive.org/web/20110607091955/http://www.redherring.com/Home/23860 |date=June 7, 2011 }} FirstMark Capital received control of Pequot Ventures' existing venture capital portfolio assets.

In May 2009, the firm announced it was closing and, in an agreement with the Securities and Exchange Commission on May 27, 2010, paid a $28 million settlement (consisting of $18 million in returned profit and $10 million in penalties).{{Cite web |title=Press Release: SEC Charges Pequot Capital Management and CEO Arthur Samberg With Insider Trading; 2010-88; May 27, 2010 |url=https://www.sec.gov/news/press/2010/2010-88.htm#:~:text=The%20SEC%20separately%20brought%20an,to%20settle%20the%20SEC%27s%20charges. |access-date=2022-08-05 |website=www.sec.gov}} Samberg was barred from working as an investment adviser for alleged violations of insider trading involving Microsoft Corporation stock occurring in 2001 and a prospective new hire of the hedgefund, David Zilkha, from Microsoft.[http://topics.nytimes.com/top/reference/timestopics/people/s/arthur_j_samberg/index.html New York Times][http://www.bigstory.ap.org/article/no-end-sight-decade-long-conn-divorce-case AP, September 8, 2013, David Collins] Retrieved June 2014 On May 28, 2009, with an insider trading investigation ongoing, Samberg wrote, "With the situation increasingly untenable for the firm and for me, I have concluded that Pequot can no longer stay in business."{{cite web|title = Pequot Capital to Shut Amid SEC Insider-Trading Probe| website=Bloomberg News | date=June 25, 2023 |url = https://www.bloomberg.com/apps/news?sid=adzQGDVos7OQ&pid=20601087}} SEC awarded $1 million to Glen Kaiser and Karen Kaiser for providing information leading to the settlement.{{Cite web |title=Pequot Capital Management, Inc., et al. |url=https://www.sec.gov/litigation/litreleases/2010/lr21601.htm |access-date=2022-08-05 |website=www.sec.gov}} One of the investigators of the case, Gary J. Aguirre, won a whistleblower case after being fired when he recommended that the investigation proceed further.[http://finance.senate.gov/library/prints/download/?id=f9d94204-7602-49f7-8bab-cb932c05310e Senate report, pp. 11–14] "The Firing of an SEC Attorney and the Investigation of Pequot Capital Management." Joint report by the United States Senate Committee on Finance and the Senate Judiciary Committee (August 3, 2007). Retrieved February 20, 2011

{{Reflist|2}}

• [https://query.nytimes.com/gst/fullpage.html?res=9C06E7D7173BF933A05751C1A9669C8B63 Hedge Fund Retrenches by Giving Back Almost $2 Billion]. New York Times.
• [https://query.nytimes.com/gst/fullpage.html?res=9A00E3D9173EF936A35757C0A9679C8B63 World's Biggest Hedge Fund Group Plans, Once More, to Split]. New York Times.
• [https://query.nytimes.com/gst/fullpage.html?res=940DE2DA163AF937A25756C0A9679C8B63 Many Hedge Funds Stumble on Wrong Side of Market Surge]. New York Times.
• [https://query.nytimes.com/gst/fullpage.html?res=9C01E0DB103DF937A15756C0A9679C8B63 THE MARKETS: Market Place; Hedge Fund Falls Victim To Tech Bear]. New York Times.
• [https://query.nytimes.com/gst/fullpage.html?res=9D02E1D81438F937A35755C0A9639C8B63 Former First Boston Chief Is Named Chairman of Hedge Fund Company]. New York Times.
• [https://www.nytimes.com/2006/06/23/business/23fund.html S.E.C. Is Reported to Be Examining a Big Hedge Fund]. New York Times.
• [https://www.nytimes.com/2006/06/24/business/24fund.html Court Says S.E.C. Lacks Authority on Hedge Funds]. New York Times.
• [https://www.nytimes.com/2006/06/26/business/26hedge.html Inquiry Clouds Future for a Hedge Fund Survivor]. New York Times.
• [https://www.nytimes.com/2006/06/29/business/29hedge.html Panel Is Told S.E.C. Stopped a Hedge Fund Inquiry]. New York Times.
• [https://www.nytimes.com/2006/10/06/business/06sec.html Pequot Says S.E.C. Won't Take Action]. New York Times.

• [https://web.archive.org/web/20081216014929/http://www.pequotcap.com/ Pequot Capital Management] (company website)
• [http://www.firstmarkcap.com/ FirstMark Capital] (company website)

{{Venture capital firms}}

{{Hedge funds}}

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Category:Financial services companies established in 1998

Category:Defunct hedge funds

Category:Hedge fund firms in Connecticut

Category:Venture capital firms of the United States

Category:Companies based in Westport, Connecticut