April 23rd: Outmanned, outgunned, SEC on a roll

    

One late afternoon in March 2007, Sanjay Wadhwa sat at his desk transfixed by the data on his computer screen. Wadhwa was then a low-level supervisor in the Wall Street office of the US Securities and Exchange Commission investigating a supposedly routine case of 'cherry- picking.' The SEC had gotten a complaint that Rengan Rajaratnam, the founder of Sedna Capital Management LLC, a small hedge fund, was doling out a disproportionate share of his best trades to the beneficiaries of a 'friends and family' account. It was Wadhwa’s job to figure out what was going on, Bloomberg Businessweek reports in its April 23 issue.

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