Month: April 2014

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Article: Steve Cohen – “The Hedge Fund King”

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Steve Cohen – “The Hedge Fund King”

One of the biggest stories in recent Wall Street history was the insider trading scandal centred around Steve Cohen’s SAC Capital Advisors. In July 2013, SAC was charged by the US Securities and Exchange Commission for failing to prevent insider trading, which led to a $1.2 billion fine and the firm agreeing to stop managing funds for outsiders.

Yet, Cohen himself managed to escape imprisonment, on the grounds that prosecutors lacked proof that he knew the trades in question, which were perpetrated by former SAC manager Mathew Martoma, were based on inside information, despite personally signing off on the deals.

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Article: The Anti-Buffett: Steven Cohen

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The Anti-Buffett: Steven Cohen

Brian Stoffel, 17 April 2014

The Anti-Buffett: Why You Should Avoid This Hedge- Fund King’s Tactics Steve Cohen got his start by simply reading the tape. Who is Steve Cohen? Founder of SAC Capital, at one time a hedge-fund with $14 billion in assets Personal wealth valued at $11 billion

It all started when…  Steve was a high school freshman in Long Island, and spent his days playing poker.  By the time he was a junior, he was making between $500 and $1,000 per night from poker alone! When he was in college…  Cohen would sit outside the Merrill Lynch offices in Philadelphia, and watch the stock ticker whiz by.  Over time, Cohen believed he could guess the direction of stocks, without knowing anything about their underlying business. Continue reading “Article: The Anti-Buffett: Steven Cohen”

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Article: SAC Capital $1.8 billion penalty approved

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SAC Capital $1.8 billion penalty approved

Aaron Smith, 10 April 2014

A federal judge on Thursday approved a $1.8 billion settlement resulting from the guilty plea of hedge fund operator SAC Capital on charges related to insider trading by its employees. The firm, now known as Point72, reached the settlement last November with federal prosecutors, citing the firm for failing to prevent its employees from engaging in the illegal activity. Continue reading “Article: SAC Capital $1.8 billion penalty approved”

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Article: Four indicted in Psagot market manipulation affair

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Four indicted in Psagot market manipulation affair

Ella Levy-Weinribo, 07 April 2014

The indictment is against David Edry, Shai Ben-David, Aharon Navon, and Saar Weintraub.

Four years after the Psagot Investment House Ltd. scandal erupted come the indictments: the Tel Aviv District Attorney (taxation and economy) has filed an indictment against David Edry, who was vice president of Psagot’s brokerage manager of the company’s nostro account at the time, Shai Ben-David, former manager of Psagot’s brokerage, Aharon Navon, former manager of Deutsche Bank Israel’s trading room, and Saar Weintraub, who was a broker at Deutsche Bank Israel. Continue reading “Article: Four indicted in Psagot market manipulation affair”

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