Steven A. Cohen’s SAC Capital Advisors hit with record insider trading penalty
TOM INCANTALUPO, 04 November 2013
Billionaire Steven A. Cohen, whose hedge fund SAC Capital Advisors has agreed to pay a record penalty for insider trading, is a native Long Islander known as a high-rolling art collector and philanthropist as well as a savvy investor.
Cohen wasn’t personally charged by federal officials.
Cohen, born June 11, 1956, in Great Neck, graduated from high school there and earned a bachelor of science degree in 1978 from the University of Pennsylvania’s Wharton School of Business.
He worked as a trader at Gruntal & Co. in New York from 1978 to 1992, according to Who’s Who, when he founded SAC. Over two decades, he built SAC, based in Stamford, Conn., into one of the biggest and most envied hedge funds in the United States.
According to Forbes, Cohen was the 43rd-richest American, with a net worth of $9.4 billion in 2012. He is among an elite group of hedge fund managers who have personally earned at least $1 billion in a single year.
