Pershing Square, nine others hit with SEC 'pay to play' violations

Billionaire investor Bill Ackman's hedge fund paid $75,000 to settle civil "pay-to-play" charges with the Securities and Exchange Commission after running afoul of campaign contribution and money management rules. Pershing Square Capital Management, which invests roughly $11.6 billion for a number of state pension funds and wealthy investors, was one of 10 firms that settled charges with the SEC after having allegedly received compensation from pension funds within two years of making political