After the 2008 financial meltdown, federal securities regulators took heat for their failure to discover or halt Bernard Madoff’s Ponzi scheme. One of the U.S. Securities and Exchange Commission’s responses was to get tough on insider trading.
The SEC encouraged U.S. attorneys to prosecute insider trading cases, with a special emphasis on the Southern District of New York, which is home to Wall Street. But the crackdown also reached Connecticut, one of the country’s hedge fund capitals. In 2012, then-U.S. Attorney David Fein announced his staff was investigating several insider trading cases in Connecticut. “You’ll read more about those,” Fein told one reporter.
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