SEC Hands Out Subpoenas to Hedge Funds - Intel by JazLive

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SEC Hands Out Subpoenas to Hedge Funds The SEC handed out subpoenas to 50 hedge fund advisers as it investigates whether shares of Bear Stearns or Lehman Brothers were manipulated by false rumors, according to the Wall Street Journal. It is unclear which, if any, of the 50 people subpoenaed have information relevant to the case, but the SEC is seeking communications and trading data. The subpoenas seek to acquire information relating to both companies, but the SEC told some firms that got subpoenas that they were not the focus of the allegations, according to the Journal. Some of the hedge funds receiving subpoenas are SAC Capital Advisors in Stamford, Conn. and Citadel Investment Group LLC in Chicago. Some of the hedge funds have already turned information in to the SEC, while others just received subpoenas on Monday. Since Bear Stearns near-collapse in March, the SEC has looked into whether rumor and short-selling were responsible for driving down the bank’s share price. Wall Street regulators are investigating that investment banks and hedge fund advisers have compliance programs strong enough to detect manipulative tactics like rumor mongering, according to the Journal.