Investment firm Quadrangle Group just lost its biggest client, and some employees too.

FORBES: Bloomberg Pulls $5 Billion From Quadrangle

One is Vinicius Vacanti, 29, who ditched a career in private equity that included stints at Blackstone Group and Quadrangle Group.

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Mr. Rattner was drawn into the parallel state and federal investigations in connection with his work at his private-equity firm, Quadrangle Group LLC.

WSJ: Rattner Near Deal to Settle SEC Case

The Quadrangle settlement comes after settlements last year by Carlyle Group and Riverstone Holdings, but the investigations continue.

FORBES: As Quadrangle Settles Pay-To-Play Charges, It Flames Rattner