SEC Reportedly Probes Possible Insider Trading Before U.S. Downgrade

Securities regulators have sent subpoenas to hedge funds and other trading firms as it probes possible insider trading before the U.S. government’s long-term credit rating was cut last month, the Wall Street Journal said, citing people familiar with the matter.

U.S. Securities and Exchange Commission (SEC) officials demanded more information about specific trades made shortly before Standard & Poor’s downgraded the country’s rating to AA-plus from AAA on August 5, the paper said.

SEC officials are zeroing in on firms that bet the stock market would tumble, the Journal said

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