Hedge fund compliance chief fired

Why was Joseph Sullivan, chief compliance officer of New York hedge fund Peconic Partners, fired? He claims in a suit he was terminated by William Harnisch, head of the fund, after he complained about Harnisch's trading activity. More specifically, Sullivan argues he complained about Harnisch's trading activity surrounding Potash Corp., a fertilizer company that lost more than half its stock value last month. Potash has a 52-week high of $241.62 and closed yesterday at $81.63 in NYSE trading. According to the 30-page lawsuit, as reported by the New York Post, Harnisch "sold 600,000 of his own shares a few days ahead of selling clients' shares." Harnisch told the Post he knew nothing about the lawsuit and that Sullivan is a "disgruntled employee." He called the allegations "ridiculous."   

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