He worked on Ronald Reagan's 1980 presidential campaign, and briefly served as Deputy Director for Operations of the Central Intelligence Agency before resigning amidst allegations of improper stock trading.

He later became a co-owner of the historic Rockingham Park in Salem, New Hampshire, and at the time of his death was chairman of Carmen Group, a Washington D.C. lobbying firm.

After Reagan's election, Hugel led the Small Business Administration during the presidential transition.

After reporters from the Washington Post published allegations by two former business associates of improper or illegal stock trading during Hugel's time with Brother International, Hugel resigned while denying the allegations.

[2] In 1983 Hugel joined with three business partners to purchase the Rockingham Park racetrack in New Hampshire and rebuild it following a fire.