Mia – Page 104 – Financial Treason & Crime

Reuters, 26 July 2013

US prosecutors indicted billionaire Steven A. Cohen’s hedge fund for insider trading, a rare move that could end the career of one of Wall Street’s most successful investors and trigger a fundamental change in how traders try to gain an edge over rivals.

The government accused SAC Capital Advisors LP of presiding over a culture where employees flouted the law and were encouraged to tap their personal networks of contacts for inside information about publicly traded companies. Continue reading “Article: Stephen Cohen’s hedge fund SAC Capital charged with insider trading”

07/26/201303/03/2021

Article: A hedge on the edge: SAC Capital’s insider trading scandal

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A hedge on the edge: SAC Capital’s insider trading scandal

The Conversation, 26 July 2013

After causing the collapse of the Galleon Group hedge fund in 2009, insider trading enforcements have once again shaken the hedge fund industry. Late last week, the US Securities and Exchange Commission (SEC) charged Steven A. Cohen, CEO of SAC Capital Advisors LP, one of the world’s largest hedge funds, with failing to supervise two of his managers, Mathew Martoma and Michael Steinberg, who traded on material non-public information concerning three US listed companies in 2008. Continue reading “Article: A hedge on the edge: SAC Capital’s insider trading scandal”

07/26/201303/04/2021

Article: SAC: federal grand jury indicts hedge fund for insider trading

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SAC: federal grand jury indicts hedge fund for insider trading

Heidi Moore, 26 July 2013

A federal grand jury has indicted SAC Capital, the embattled hedge fund that has been pursued by financial authorities for years, for insider trading after regulators failed to charge its powerful founder, Steven A Cohen.

The US attorney who brought the charges, Preet Bharara, also hit the firm with civil money-laundering charges that would require the firm to forfeit potentially billions of dollars in assets. Continue reading “Article: SAC: federal grand jury indicts hedge fund for insider trading”

07/26/201303/04/2021

Article: Feds charge billionaire Steven A. Cohen’s hedge fund SAC Capital with insider trading

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Feds charge billionaire Steven A. Cohen’s hedge fund SAC Capital with insider trading

BARBARA ROSS and BILL HUTCHINSON, 26 July 2013

Wall Street’s richest hedge fund, SAC Capital Advisors, owned by billionaire Steven Cohen, was indicted Thursday by a federal grand jury on charges of being an insider-trading machine. Prosecutors charge that SAC made “hundreds of millions of dollars of illegal profits” from 1999 to 2010 by recruiting employees based on trade secrets they brought to the firm, or if they had the know-how to get them.

The scheme “was substantial, pervasive and on a scale without known precedent in the hedge-fund industry,” the indictment charges. Continue reading “Article: Feds charge billionaire Steven A. Cohen’s hedge fund SAC Capital with insider trading”

07/25/201303/03/2021

Article: U.S. charges SAC Capital with insider trading crimes

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U.S. charges SAC Capital with insider trading crimes

Emily Flitter, Svea Herbst-Bayliss, Jonathan Stempel, 25 July 2013

U.S. prosecutors indicted billionaire Steven A. Cohen’s hedge fund for insider trading, a rare move that could end the career of one of Wall Street’s most successful investors and trigger a fundamental change in how traders try to gain an edge over rivals. Continue reading “Article: U.S. charges SAC Capital with insider trading crimes”

07/25/201303/04/2021

Article: SAC Capital indicted in 6-year US insider trading probe

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SAC Capital indicted in 6-year US insider trading probe

Patricia Hurtado, 25 July 2013

SAC was indicted on 4 counts of securities fraud, 1 count of wire fraud in an indictment unsealed in Manhattan federal court. Manhattan: SAC Capital Advisors LP, the $14 billion hedge fund founded by Steven A. Cohen, was indicted by a US grand jury as part of the government’s six-year crackdown on insider trading on Wall Street. Continue reading “Article: SAC Capital indicted in 6-year US insider trading probe”

07/25/201303/04/2021

Article: SEC Charges Steven A. Cohen with Failing to Supervise Employees Who Allegedly Engaged in Insider Trading

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SEC Charges Steven A. Cohen with Failing to Supervise Employees Who Allegedly Engaged in Insider Trading

Vincent PitaroHedge Fund Law Report, 25 July 2013

On July 19, 2013, the SEC instituted administrative proceedings against Steven A. Cohen, the embattled founder of hedge fund adviser S.A.C. Capital Advisors, LLC (SAC). Generally, the SEC charges Cohen with failing to supervise two of his portfolio managers, Mathew Martoma and Michael Steinberg, both of whom have been indicted on insider trading charges arising out of their trading for hedge funds advised by SAC. See “Fund Manager CR Intrinsic and Former SAC Portfolio Manager Are Civilly and Criminally Charged in Alleged ‘Record’ $276 Million Insider Trading Scheme, Hedge Fund Law Report, Vol. 5, No. 44 (Nov. 21, 2012). Continue reading “Article: SEC Charges Steven A. Cohen with Failing to Supervise Employees Who Allegedly Engaged in Insider Trading”

07/23/201303/04/2021

Article: Steve Cohen Fights Back Against Claims Of Insider Trading

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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. Continue reading “Article: Steve Cohen Fights Back Against Claims Of Insider Trading”

07/22/201303/04/2021

Article: SEC charges SAC Capitals Steven Cohen over insider trading

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SEC charges SAC Capitals Steven Cohen over insider trading

Verdict Staff, 22 July 2013

The US Securities and Exchange Commission (SEC) has filed civil charges against Steven Cohen, head of the hedge fund SAC Capital, for failing to supervise two portfolio managers and prevent insider trading.

In the complaint, the SEC 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. Continue reading “Article: SEC charges SAC Capitals Steven Cohen over insider trading”

07/22/201303/04/2021

Article: Busting Steve Cohen: How a Minor Charge Threatens a Major Figure

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Busting Steve Cohen: How a Minor Charge Threatens a Major Figure

Charles Gasparino, 22 July 2013

After years of investigations, wiretaps, and coercing cooperation from numerous witnesses, the government’s big insider trading case against hedge fund impresario and long-time target Steve Cohen may come down to a single “failure to supervise” charge.

That’s right: No insider trading charges; no criminal charges; and no fraud allegations. It sounds like pretty weak stuff considering what the Feds believe to be the scope of the crime: numerous instances of insider trading at the massive hedge fund that Cohen runs, the Stamford, Connecticut-based SAC Capital — and possibly the direct involvement of Cohen himself in some of those trades. Continue reading “Article: Busting Steve Cohen: How a Minor Charge Threatens a Major Figure”

07/21/201303/04/2021

Article: US billionaire Steven Cohen to answer case over insider trading

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US billionaire Steven Cohen to answer case over insider trading

After a long investigation into insider trading at the hedge fund SAC Capital Advisors, an inquiry that has produced several guilty pleas and a record US$616 million civil penalty, the US government has brought a case for the first time against the fund’s billionaire owner, Steven Cohen.

In a civil action, the Securities and Exchange Commission accused Cohen, 57, of failing to supervise former employees who face criminal charges.

The commission contends that he ignored “red flags” that should have led him to investigate suspicious trading activity at SAC and take steps to prevent illegal conduct.

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07/19/201303/03/2021

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

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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’

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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’

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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

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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”