MarketWatch – The Securities and Exchange Commission has issued subpoenas to hedge funds and other financial firms as part of an investigation of alleged insider trading ahead of the Standard & Poor’s downgrade of its U.S. sovereign credit rating, The Wall Street Journal reported Tuesday, citing unidentified people familiar with the matter.
The report didn’t say which investment firms received subpoenas. It described the subpoenas as “unusually broad, seeking information about why certain trades were made.”
