SEC Appaloosa Management
SEC Investigating David Tepper's Appaloosa Managementmade headlines last year for the fund's incredible performance, but now it is one of two hedge funds under investigation by the SEC. In 2009, the hedge fund firm made an incredible $7 billion profit. The regulatory probe is specifically looking into Appaloosa's trades when Wells Fargo agreed to acquire Wachovia. The other subject of the probe is the the hedge fund Carlson Capital.
Appaloosa, a $13 billion New Jersey firm run by David Tepper, has been scrutinized by the Securities and Exchange Commission over trades it made around the time Wells Fargo & Co. agreed to acquire Wachovia Corp. in 2008, according to people familiar with the matter.
Regulators also have questioned trades by Carlson, a $4.9 billion firm based in Dallas, in connection with four secondary stock offerings between late 2007 and mid-2009, according to a person familiar with the matter.
"Carlson Capital has been cooperating voluntarily and fully with the SEC relating to an inquiry in connection with 'Rule 105,' and will continue to do so," a spokesman for the firm said in an email. Appaloosa is cooperating, according to people familiar with the matter. A lawyer for Appaloosa declined to comment. A spokesman for the SEC declined to comment.
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