July 2013 – Page 2 – Financial Treason & Crime

07/19/201303/03/2021

Article: SEC Charges Steven A. Cohen With Failing to Supervise Portfolio Managers and Prevent Insider Trading

SEC Charges Steven A. Cohen With Failing to Supervise Portfolio Managers and Prevent Insider Trading

SEC, 19 July 2013

The Securities and Exchange Commission today announced charges against hedge fund adviser Steven A. Cohen for failing to supervise two senior employees and prevent them from insider trading under his watch.

The SEC’s Division of Enforcement alleges that Cohen received highly suspicious information that should have caused any reasonable hedge fund manager to investigate the basis for trades made by two portfolio managers who reported to him – Mathew Martoma and Michael Steinberg. Cohen ignored the red flags and allowed Martoma and Steinberg to execute the trades. Instead of scrutinizing their conduct, Cohen praised Steinberg for his role in the suspicious trading and rewarded Martoma with a $9 million bonus for his work. Cohen’s hedge funds earned profits and avoided losses of more than $275 million as a result of the illegal trades. Continue reading “Article: SEC Charges Steven A. Cohen With Failing to Supervise Portfolio Managers and Prevent Insider Trading”

07/19/201303/03/2021

Article: SEC charges Steven Cohen for failing to act on insider trading ‘red flags’

Article - Media, Publications

SEC charges Steven Cohen for failing to act on insider trading ‘red flags’

Dominic Rushe , 19 July 2019

Regulators have filed charges against billionaire investor and famed art collector Steven Cohen for failing to act on “red flags” suggesting insider trading at his hedge fund.

The move is a major blow for the founder of SAC Capital, whose company has been under investigation by the FBI, Securities and Exchange Commission (SEC) and other regulators for years. While the civil charges stop short of accusing Cohen of fraud, the SEC said he failed to spot signs that indicated insider trading by two portfolio managers at his Stamford, Connecticut, hedge fund. Continue reading “Article: SEC charges Steven Cohen for failing to act on insider trading ‘red flags’”

07/19/201303/03/2021

Article: Hedge fund founder Steven Cohen charged over ‘insider trading’

Article - Media, Publications

Hedge fund founder Steven Cohen charged over ‘insider trading’

BBC News, 19 July 2013

A billionaire hedge fund manager has been charged with failing to stop insider trading, the US Securities and Exchange Commission (SEC) says. SAC Capital Advisors founder Steven Cohen, 57, faces civil charges over what the US government has called one of the biggest such fraud cases ever. Mr Cohen did not properly supervise two traders who engaged in illegal insider trading, the SEC alleges. Continue reading “Article: Hedge fund founder Steven Cohen charged over ‘insider trading’”

07/18/201303/11/2021

Article: How Putin Uses Money Laundering Charges to Control His Opponents

Article - Media, Publications

How Putin Uses Money Laundering Charges to Control His Opponents

ANDREW S. BOWEN, 18 July 2013

Russian President Vladimir Putin (left) speaks with Defense Minister Sergei Shoigu (right) and Chief of Staff Valery Gerasimov during a flight to watch military exercises in Russia’s Zabaykalsky region July 17, 2013 (Reuters/Aleksey Nikolskyi)

Last Thursday, Sergei Magnitsky was convicted of tax evasion. The only problem was he was not there to hear the verdict read. Magnitsky was killed in Moscow’s Butyrka prison in 2009, likely as a result of beatings and a lack of medical treatment. His crime was uncovering a $230 million tax fraud involving members of the government while working as a lawyer for William Browder (an American investor who was also convicted in absentia). Continue reading “Article: How Putin Uses Money Laundering Charges to Control His Opponents”

07/11/201303/10/2021

Article: Sergei Magnitsky verdict ‘most shameful moment since Stalin’

Article - Media, Publications

Sergei Magnitsky verdict ‘most shameful moment since Stalin’

Miriam Elder, 11 July 2013

The courtroom cage in Moscow stood empty on Thursday as a judge found the late whistleblower Sergei Magnitsky and his London-based employer guilty of tax evasion in a move likened to Stalin-era justice.

The case against the two defendants – Magnitsky, allowed to die an excruciating death in prison in 2009, and William Browder, banned from entering Russia since 2005 – has come to symbolise the brutality of Russia’s system and the penalties incurred by those who uncovering official wrongdoing. Continue reading “Article: Sergei Magnitsky verdict ‘most shameful moment since Stalin’”