New York Hedge Fund Sued By Former Employee

New York (HedgeCo.Net) – New York hedge fund Peconic Partners was sued yesterday for firing an employee who reportedly was running his mouth about some shady insider trading activities.

The suit, filed by former Chief Compliance Officer Joseph Sullivan in New York State Supreme Court, accuses CEO William Harnisch of wrongfully firing him.

According to the 30-page complaint, Sullivan said he was let go after voicing reservations regarding Harnisch’s trading activity involving fertilizer company Potash Corp., whose stock plummeted last month. 

Sullivan alleged that Harnisch got rid of his 600,000 shares, selling them for $130 a share.  He then sold a chunk of his client’s shares for around $90 each.  This may have helped to drive the price down of Potash, which is now trading at around $82.

The Securities and Exchange Commission has also been contacted by Sullivan’s legal team to alert them of the possible insider trading activities. 

Peconic Partners was founded in 2004 and has approximately $1.5 billion under management.

Julie Scuderi
Senior Editor for HedgeCo.Net

HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites.,, and


About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in HedgeCo News and tagged , , , , , , , , , , . Bookmark the permalink.

Comments are closed.