On the heels of Diamondback and Level Global telling their investors not to worry and that, really, despite the FBI raid, everything is fine, Boston’s Loch Capital Management has sent an an investor letter to reassure their clients too, the Boston Herald reported
The hedge fund told investors that authorities have confirmed that the firm and its founders, Timothy J. McSweeney or Todd W. McSweeney, are not direct targets of the FBI investigation.
But authorities have subpoenaed some of the firm’s records, the letter reminds clients – in case they had forgotten images of FBI agents rolling out of the firm’s offices with boxes of documents.
In the letter, Loch also said, from the Boston Herald,
It had used “certain professional networks in the past, (but) ceased using such networks and external research providers pending our further review of this matter.”
The letter said that the hedge fund has policies to prevent the sharing or use of inside information and has annual employee training seminars to prevent breaching those guidelines.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.