Tuesday, November 30, 2010

Hedge Fund Manager Put on Leave

More fall out from what Robert Heim, former assistant regional director for the SEC, calls grandstanding by the SEC.

Diamondback Capital, one of three hedge funds raided by the FBI last week, said in a letter to its investors that it had been informed by the government that the firm itself “is not a target of the government/"

“The warrant appears to be focused on a single employee (a portfolio manager), as well as on a former employee who reported to that employee,” the letter said.

The letter went onto say that the employee has been put on leave.

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