Leave it to some hedge fund managers to avoid accountability with technological accidents. SAC Capital Advisors automatically deleted emails that described transactions the SEC is probing for insider trading. Smart firms save all of their client and analyst emails. Not every hedge fund is that smart. SAC changed their record-keeping policy before the SEC launched its investigation, so it will be hard for the government to argue that lack of records was a mask for wrongdoing.
If the SEC has enough information to probe SAC's subsidiary and its portfolio manager without subpoenaing emails or recording phone calls, then I wonder what source they used if all they publicly reveal are hints and snippets. Did some disgruntled inside rival of the accused spill the beans in exchange for immunity?
