Steve Cohen Fights Back Against Claims Of Insider Trading
JIM ZARROLI, 23 July 2013
From NPR News, this is ALL THINGS CONSIDERED. I’m Melissa Block. Billionaire Steven Cohen is fighting back. He faces federal charges that he didn’t do enough to prevent insider trading at his hedge fund SAC Capital.
As The Wall Street Journal reported this morning, Cohen’s firm issued a rebuttal, claiming that he never saw an email that’s an important part of the government’s case. Here’s NPR’s Jim Zarroli.
JIM ZARROLI, BYLINE: On Friday, the Securities and Exchange Commission finally brought charges against 57-year-old Steven Cohen. He wasn’t accused of insider trading, but the government did file civil charges against him. It said Cohen allowed insider trading to happen at his firm by failing to adequately supervise his employees. And perhaps most alarmingly for Cohen, the government wants to get him barred for life from handling other people’s money.
Today, The Wall Street Journal said Cohen’s lawyers have compiled a point-by-point rebuttal of the government’s case. Jacob Frenkel is a securities lawyer who has been following the case.
