Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Leo Kolivakis, 26 September 2017
Don’t call it a comeback just yet.
As Bloomberg News reported on Tuesday, hedge fund manager Steven A. Cohen is preparing to raise as much as $10 billion from outside investors in 2018 for a new fund. Combined with his personal fortune of $11 billion, the fund could oversee more than $20 billion, which would make it the largest U.S. hedge fund launch in history. Continue reading “Article: Steven Cohen’s Dubious Rerun?”
The Astonishing Return Of Steven Cohen
RONALD OROL, 26 September 2017
In 2013, an insider-trading scandal took apart billionaire Steve Cohen’s otherwise incredibly successful hedge fund.
But surprising, perhaps shockingly, at least for those who haven’t followed the situation closely, Cohen is back. A 2016 settlement with the Securities and Exchange Commission will allow the beleaguered money-manager to accept outside money starting in January. Cohen hasn’t said whether he wants to take on other investors, but the consensus opinion is that he will the second he’s permitted. Expect to find lots of willing investors ready to allocate capital to his funds – and the intense glare of the nation’s securities regulator watching his every move. Continue reading “Article: The Astonishing Return Of Steven Cohen”
Steven Cohen’s Billions Complicate Return of Glory Days
Nir Kaissar, 08 September 2017
(Bloomberg Gadfly) — Don’t call it a comeback just yet. As Bloomberg News reported on Tuesday, hedge fund manager Steven A. Cohen is preparing to raise as much as $10 billion from outside investors in 2018 for a new fund. Combined with his personal fortune of $11 billion, the fund could oversee more than $20 billion, which would make it the largest U.S. hedge fund launch in history. Continue reading “Article: Steven Cohen’s Billions Complicate Return of Glory Days”
‘Spoofing’: The SEC Calls It Manipulation, But Will Court Agree?
Michael A. Asaro, 17 July 2017
In recent years, the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission, and the Department of Justice have pursued an increasing number of cases involving a relatively new form of alleged market manipulation known as “spoofing.” See, e.g., U.S. v. Coscia, No. 14-cr-00551 (N.D. Ill.); In re Panther Energy Trading, CFTC Docket No. 13-26 (2013); CFTC v. Nav Sarao Futures, No. 15-cv-03398 (N.D. Ill.); In re Hold Brothers On-Line Investment Services, Exchange Act Release No. 67924 (SEC Sept. 25, 2012); SEC v. Lek Secs., No. 17-cv-1789 (S.D.N.Y.). Continue reading “Article: ‘Spoofing’: The SEC Calls It Manipulation, But Will Court Agree?”
Steve Cohen reportedly plans record-breaking $20 billion hedge-fund comeback
Lauren Thomas, 30 May 2017
Steve Cohen, whose former investment firm pleaded guilty to criminal insider trading charges, plans to return to hedge funds with a $20 billion goal in mind, The Wall Street Journal reports.
The new hedge fund could launch as early as 2018, according to recent conversations Cohen and his representatives have had with bankers, colleagues and potential investors, the Journal says. Continue reading “Article: Steve Cohen reportedly plans record-breaking $20 billion hedge-fund comeback”
STEVE COHEN IS PLANNING A $20 BILLION MIDDLE FINGER FOR HIS CRITICS
BESS LEVIN, 30 May 2017
While SAC Capital pleaded guilty to insider trading in 2013, paying $1.8 billion in fines, the hedge fund’s founder, Steven A. Cohen, walked away relatively unscathed. In 2016, he agreed to a temporary, two-year ban by the Securities and Exchange Commission that prevents him from supervising a registered fund until January 1, 2018. He never faced criminal charges despite years of being investigated by the government and then-U.S. Attorney Preet Bharara, who appeared at one point to make jailing Cohen his life’s work; he wasn’t banned from the securities industry for life; and his net worth, which these days is said to hover around $13 billion, was barely affected.
Still, the downfall of SAC Capital hit Cohen in other ways. SAC, which took its name from Cohen’s initials, was converted into a family office and renamed the sterile-sounding Point72 Asset Management, rendering many a fleece jacket worthless. Outside money had to be returned to investors. And, as a family office, Cohen was unable to charge the high fees SAC once commanded. Top talent proceeded to exit the new firm. Continue reading “Article: STEVE COHEN IS PLANNING A $20 BILLION MIDDLE FINGER FOR HIS CRITICS”
King of Hedge Funds
Cohen is renowned not only for his ability to make money as a trader, but also for his penchant for spending it, on such things as a 30-room mansion in Greenwich, Connecticut and an art collection that includes works by Warhol, Picasso, Cézanne and other famous artists. [4]
Cohen began as an options trader with Gruntal & Co. in 1978. He started SAC Capital Advisors in 1992 with $25 million in assets. At its peak just before the conversion to a family office, SAC had over $50 billion under management, with a staff of 1000 people across the globe.[5]
How Wall Street billionaire Steve Cohen survived an insider trading scandal
CBC Radio, 07 April 2017
Scandal on Wall Street didn’t end with 2008’s financial crisis. New Yorker staff writer Sheelah Kolhatkar chronicles the rise and fall of the prominent hedge fund SAC Capital in a new book, Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street.
Kolhatkar explains how insider trading allegations dogged the company and its ultra-rich founder, Steven Cohen. Cohen “was an iconic figure in the financial industry,” she tells The Current’s Friday host Piya Chattopadhyay. Continue reading “Article: How Wall Street billionaire Steve Cohen survived an insider trading scandal”
Graham Flanagan and Rachael Levy , 15 February 2017
In her new book “Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street,” author Sheelah Kolhatkar chronicles the incredible story of the biggest insider trading scandal in history. Continue reading “Article: How billionaire hedge fund titan Steve Cohen walked away from the biggest insider trading scandal in history”
Former SAC Trader on What Steve Cohen Bio ‘Black Edge’ Doesn’t Explore
1998-2000 was a rather interesting period in the stock market, thanks to things like the Asian/Latin American currency crises, the collapse of Long Term Capital Management, and “irrational exuberance” in the Nasdaq market, followed immediately by whatever the polar opposite of that is, i.e. the Nasdaq going poof.
It was also a very interesting time to be working four feet from Steven A. Cohen, which is where I sat for two years as a junior trader at his hedge fund, SAC Capital Advisors, in Stamford, Connecticut.
‘Black Edge’ Recounts The Biggest Insider-Trading Scandal In History
Fresh Air, 07 February 2017
Sheelah Kolhatkar discusses the investigation of billionaire hedge-fund trader Steven A. Cohen. She says the ways Wall Street elites accumulate wealth often negatively affect the rest of the country. Continue reading “Article: ‘Black Edge’ Recounts The Biggest Insider-Trading Scandal In History”
When the Feds Went After the Hedge-Fund Legend Steven A. Cohen
Sheelah Kolhatkar, 09 January 2017
One day in early 2013, Preet Bharara, the U.S. Attorney for the Southern District of New York, met with his deputy, Richard Zabel, about one of the biggest cases of his career—a crackdown on insider trading in the hedge-fund industry. Although the financial crisis had receded, popular rage against Wall Street bankers and traders was still strong; most Americans had seen their incomes stagnate while the fortunes of the wealthiest continued to swell. For the previous few years, Bharara and the prosecutors who worked under him at the Southern District, along with investigators at the Federal Bureau of Investigation and the Securities and Exchange Commission, had been studying phone logs, wiretapping traders’ calls, and flipping witnesses, one after the other, as they worked their way deep into some of Wall Street’s most profitable hedge funds. Bharara was now considering a criminal indictment of Steven A. Cohen, the founder of a fourteen-billion-dollar hedge fund called S.A.C. Capital Advisors. Continue reading “Article: When the Feds Went After the Hedge-Fund Legend Steven A. Cohen”
Why SAC Capital’s Steven Cohen Isn’t in Jail
Sheelah Kolhatkar, 03 January 2014
Ten thousand dollars an hour worth of lawyers filed into a courtroom in lower Manhattan on the morning of Nov. 8. The legal team represented Steven Cohen’s hedge fund, SAC Capital Advisors, which had agreed to pay $1.2 billion to settle criminal charges that it had engaged in securities fraud. The hearing was the culmination of a long legal struggle between SAC and the government that has dramatically altered what was once one of Wall Street’s most powerful firms. Eight former or current SAC employees have been charged with insider trading. Six of them have pleaded guilty; one, Mathew Martoma, is due to go on trial on Jan. 6, and another, Michael Steinberg, was convicted on Dec. 18 of insider trading in two technology stocks. Continue reading “Article: Why SAC Capital’s Steven Cohen Isn’t in Jail”
Cohen, SAC Capital reach $135M insider-trading settlement
Kevin McCoy, 01 December 2016
Investment billionaire Steven Cohen and his former SAC Capital Advisors hedge fund have reached a preliminary $135 million settlement of insider-trading allegations filed by investors in Ireland drugmaker Elan. Continue reading “Article: Cohen, SAC Capital reach $135M insider-trading settlement”
Steven Cohen and SAC reach $135m insider-trading settlement
Rob Copeland, The Wall Street Journal, 01 December 2016
Billionaire Steven A. Cohen and his former hedge fund SAC Capital Advisors agreed to a $135 million class-action settlement on November 30, bringing legal costs tied to SAC-related insider-trading cases close to $2 billion. Continue reading “Article: Steven Cohen and SAC reach $135m insider-trading settlement”
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
