Aguirre led the SEC's investigation into the suspicious trading by Pequot, including allegations of insider trading.
"After Enron, late trading, subprime and Pequot, SEC promises to do better ring hollow, " Aguirre says.
And it could have been far worse for Pequot Capital than the charges Thursday.
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Pequot has been the subject of multiple insider-trading probes in the last five years.
Pequot gave no indication as to whether a formal case is close to being filed.
Samberg, who shut down Pequot under pressure last year, was barred from the business.
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Samberg had to shut down his shop, Pequot Capital, but he never went to jail.
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Mr Mack was chairman of Pequot briefly last year before taking over at the big investment bank.
The Mashantucket Pequot Tribal Nation opened its first bingo hall in 1986 and its Foxwoods casino in 1992.
During the Pequot interview process, Samberg specifically sought information from Zilkha about Microsoft.
It also caught heat for its handling of insider trading allegations against Pequot Capital, the now defunct hedge fund.
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The SEC today charged Pequot Capital and Samberg with insider trading for trading on non-public information related to Microsoft.
He was fired in 2005 after aggressively pursuing an insider trading case against Pequot Capital, the powerful New York hedge fund.
Morgan Stanley and Pequot have also denied improper trading, and in fact, the SEC cleared Mack and Pequot late last month.
Pequot is much-diminished from its heyday, as investors have shied away from the firm, in part due to the insider-trading charges.
Jonathan Gasthalter, a spokesman for Pequot, would not comment beyond the letter.
Samberg has had to shut down Pequot because of the insider-trading issue.
The probe of Samberg was rekindled in early 2009, a year after it appeared that Samberg, Pequot and others would be off the hook.
In May, Art Samberg, founder of the now shuttered Pequot Capital, settled SEC insider trading allegations that had dogged him for the previous five years.
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The SEC closed the Pequot case last fall without taking action.
Mr Mack and Arthur Samberg, Pequot's founder, have repeatedly denied wrongdoing.
Aguirre says he was fired abruptly in September 2005 after trying to get the testimony of Morgan Stanley Chief Executive JohnMackJohn Mack in the Pequot investigation.
In August 2005, after aggressively pursuing an insider trading investigation into Pequot Capital, a lawyer with the Securities and Exchange Commission named Gary Aguirre was fired.
Microsoft ( MSFT - news - people ) employee, David Zilkha, who joined Pequot in April 2001 and left in November of that year.
Mack is good personal friends with Pequot Chief Executive Arthur Samberg and served briefly as Pequot's chairman before being named chief executive of Morgan Stanley in June 2005.
Aguirre has accused the SEC for firing him last August after he aggressively pursued a case alleging insider trading at Pequot Capital, one of the largest hedge funds in the business.
Before that, Pequot was mired in another insider-trading probe, this time involving Samberg's friend John Mack, a longtime Morgan Stanley executive who is now CEO of the investment bank.
The FBI hold on investigating the link between Zilkha and Samberg lifted in the fall of 2005 but the SEC closed the Pequot case in November 2006, citing insufficient evidence.
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The Federal Bureau of Investigation was also interested in the Pequot case, according to court papers filed by Aguirre on Wednesday in a dispute he has with his former employer.
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Charles Grassley, R-Iowa, took direct aim Tuesday at Securities and Exchange Commission officials who had been in charge of an investigation into allegations of insider trading by Pequot Capital Management .
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