Hedge fund Loch Capital Management, which was raided by the Federal Bureau of Investigation in November, shut its funds at the end of last year, Bloomberg reports. The Boston-based firm has returned assets to investors and dismissed its employees.
The firm was raided as part of a U.S. government investigation of insider trading in the financial-services industry and the usage of “professional networks.” Timothy McSweeney and Todd McSweeney, the brothers who run the firm, are not the focus of the investigation.