SEC’s Insider Trading Probe May Nab 44 Investment Firms

The Securities and Exchange Commission said that nearly four dozen funds may have traded on insider information coming out of a congressional committee. This could make the SEC’s congressional insider trading probe one of the largest in history.

SEC’s probe

According to the SEC, as many as 44 funds, “including some of the largest hedge funds and asset managers in the world,” may have traded on insider information coming out of the House Ways and Means Committee. The SEC went to court in mid-June seeking to enforce subpoenas it issued to Congress. The House Ways and Means...