Loch Capital Shuts Funds After FBI Raid

Hedge fund Loch Capital Management, which was raided by the Federal Bureau of Investigation in November, shut its funds at the end of last year.

Hedge fund Loch Capital Management, which was raided by the Federal Bureau of Investigation in November, shut its funds at the end of last year, Bloomberg reports. The Boston-based firm has returned assets to investors and dismissed its employees.

The firm was raided as part of a U.S. government investigation of insider trading in the financial-services industry and the usage of “professional networks.” Timothy McSweeney and Todd McSweeney, the brothers who run the firm, are not the focus of the investigation.

Click here for the story from Bloomberg.