Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
S2014 E1: To Catch a Trader
FRONTLINE correspondent Martin Smith goes inside the government’s ongoing, seven-year crackdown on insider trading, drawing on exclusively obtained video of hedge fund titan Steven A. Cohen, incriminating FBI wiretaps of other traders, and interviews with both Wall Street and Justice Department insiders.
https://www.thirteen.org/programs/frontline/frontline-catch-trader/
Social Rejection?: Hedgie Steve Cohen Wants Out of East Hampton
Smashmouth Investigative Journalism, 17 January 2014
The world’s most infamous trader wants to get out of East Hampton, NY. Yesterday I reported for the New York Observer that Stevie Cohen, of SAC Capital, is trying to broker a private deal to sell a $60 million ocean front home he bought less than a year ago. His reasoning, according to a person on the deal, is East Hampton is ‘too Jewish’ and he has instructed people to start looking for another home in other Hampton enclaves.
This one real estate transaction has fueled a social media debate about what he’s really doing. Having lived and worked among Cohen-ites and his SAC Captial traders for the last decade out in Connecticut’s gold coast I don’t think his comment is a signal of anything anti-Jewish. Instead I believe it shows his social network could be failing since the hedge fund he founded plead guilty to supporting a culture of massive inside trading. Continue reading “Article: Social Rejection?: Hedgie Steve Cohen Wants Out of East Hampton”
SEC accuses Cohen of missing insider trading red flags
gcrawford, 18 December 2013
Steven A. Cohen, the billionaire founder of hedge-fund firm SAC Capital Advisors LP, was accused by U.S. regulators of failing to supervise two employees facing criminal charges that they illegally traded stocks based on confidential information.
Cohen received highly suspicious information that should have caused any reasonable hedge-fund manager to investigate the basis for trades made by Mathew Martoma and Michael Steinberg, the SEC said in an administrative proceeding filed today. Cohen ignored red flags and allowed illegal trades that earned profits and avoided losses of more than $275 million, the SEC said.
Continue reading “Article: SEC accuses Cohen of missing insider trading red flags”
Hedge fund giant SAC Capital to pay $1.8B penalty
LARRY NEUMEISTER, 05 November 2013
SAC Capital Advisors will plead guilty to criminal fraud charges, stop investing money for others and pay $1.8 billion — the largest financial penalty in history for insider trading — to resolve criminal and civil claims against the hedge fund giant, the government announced Monday.
The government said in a letter to judges presiding over Manhattan cases that the “proposed global resolution” of the criminal and civil cases against SAC Capital Advisors and related companies also includes an agreement that SAC will cease operating as an investment adviser and will not accept any additional funds from third-party investors. Continue reading “Article: Hedge fund giant SAC Capital to pay $1.8B penalty”
Steve Cohen Unclear On Insider Trading Rules In 2011 Deposition
Matthew Zeitlin, 06 November 2013
Steven A. Cohen’s hedge fund SAC capital will pay $1.8 billion fines for violating laws that Cohen once described as “very vague.”
SAC Capital, plead guilty Monday to five counts of wire and securities fraud in what U.S. Attorney Preet Bharara described as insider trading “on a scale without any known precedent in the history of hedge funds.” The fund agreed to pay $1.2 billion in penalties to settle the charges in addition to over $600 million SAC paid in a SEC settlement in March and to shut down its investing of outside money. Continue reading “Article: Steve Cohen Unclear On Insider Trading Rules In 2011 Deposition”
Steve Cohen On Tape: The Scorecard
BESS LEVIN, 06 November 2013
Several years back, SAC Capital manager Steve Cohen sat for two days of deposition as part of a lawsuit filed by Canadian insurer Fairfax Financial filed against a group of hedge funds that included SAC. At one point, Cohen was questioned about insider trading, his fund’s policy on insider trading, and his personal views on insider trading, as reported by Reuters at the time the transcripts were unsealed. Continue reading “Article: Steve Cohen On Tape: The Scorecard”
Exclusive: Watch Billionaire Steven Cohen Stumble Over Insider Trading Rules
Rain Media and PBS FRONTLINE have obtained a never-before-published video in which hedge fund titan Steven A. Cohen.
Whose firm this week pleaded guilty to securities fraud, describes federal securities laws as “vague,” and asks for an explanation of the basic Securities and Exchange Commission rule that prohibits insider trading.
An insider-trading conviction condemns Steve Cohen to becoming the 59th-richest American
US federal prosecutors threw the book today at SAC Capital Advisors, forcing the hedge fund to plead guilty to insider trading and pay a total of $1.8 billion to the government, the largest penalty ever for the offense.
The case revolved around allegations that SAC portfolio managers repeatedly obtained inside information about major firms and used it to beat the markets. US Attorney Preet Bharara, the lead prosecutor, presented it as a major victory against insider trading by punishing an entire firm for a culture of corruption.
SAC Capital Pleads Guilty to Decade-Long Insider Trading Conspiracy
ANTOINE GARA, 04 November 2013
Steven A. Cohen’s hedge fund SAC Capital Advisors agreed to plead guilty to federal charges that it violated insider trading laws and will pay a record $1.8 billion in fines and restitution.
In July, a grand jury indicted SAC Capital and its affiliates for one count of wire fraud and four counts of securities fraud, in an insider trading conspiracy U.S. prosecutors alleged lasted over a decade and led to hundreds of millions of dollars in illegal profits and avoided losses. Continue reading “Article: SAC Capital Pleads Guilty to Decade-Long Insider Trading Conspiracy”
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. Continue reading “Article: Steven A. Cohen’s SAC Capital Advisors hit with record insider trading penalty”
SAC to pay $1.8 billion to settle insider trading charges
Reuters, 04 November 2013
Billionaire investor Steven A. Cohen’s days as a hedge fund manager may be finished with an agreement by his SAC Capital Advisors to plead guilty to criminal charges of insider trading and pay a record $1.8 billion in fines and forfeitures.
But Cohen, one of Wall Street’s best known traders, has not been personally charged with any crime and will likely continue managing some $9 billion of his own money through a family office once his hedge fund’s plea deal is cleared by the courts. Continue reading “Article: SAC to pay $1.8 billion to settle insider trading charges”
Steven Cohen May Sell Stock in Company Whose Founder Went to Prison For Insider Trading
ALEXANDR OLEINIC, 17 October 2013
Steven Cohen, SAC Capital, Insider Trading: According to an update from Reuters Business on Twitter, Steven Cohen‘s hedge fund SAC Capital would like to sell its position in the privately-owned company Kadmon Pharmaceuticals. As the outlet points out, “Kadmon was founded by Sam Waksal, who served a five year prison term for insider stock trading.” Continue reading “Article: Steven Cohen May Sell Stock in Company Whose Founder Went to Prison For Insider Trading”
The Other Side of Stevie Cohen’s Market Manipulation
Smashmouth Investigative Journalism, 02 August 2013
The DOJ showed us they want to turn the world’s most famous hedge fund, SAC Capital, into the most notorious hedge fund when it filed criminal charges against the 1,000 person firm last week. SAC, which stands for Steven A. Cohen its founder, is accused of creating a culture where inside trading was encouraged for over a decade. This means traders who worked under Cohen got non-public material info about a public company and then went long or short the stock–while the rest of main street was clueless. The DOJ filed a long complaint detailing dates and time they think this happen at SAC but the Justice Department missed an element of seediness that happens within the outside hedge funds Stevie Cohen has invested his personal money in. Continue reading “Article: The Other Side of Stevie Cohen’s Market Manipulation”
Steve Cohen: The Feds Get Tough, Sort Of
MATT TAIBBI, 01 August 2013
He’s Wall Street’s ultimate comic-book villain – with his glowing bald head and marble eyes, he looks a little like Lex Luthor. But maybe the best comparison for famed hedge-fund shark and long-suspected insider-trading ringleader Steve Cohen is the Joker. Earlier this year, when the SEC extracted $616 million from Cohen’s fund in two regulatory settlements, he expressed his deep remorse by buying, within weeks, a $155 million Picasso and a $60 million beach house in the Hamptons, right down the road from his other Hamptons beach house, worth $18 million.
It was a big fat middle finger to the government, flipped by a man who clearly thought he was getting away with a slap on the wrist, the way every other brazen Wall Street crook in the past half-decade has done so far. Continue reading “Article: Steve Cohen: The Feds Get Tough, Sort Of”
Indictment Won’t Stop Steve Cohen from Hosting a Hamptons Tuna Party
Nitasha Tiku, 29 July 2013
Try as they might, the feds haven’t been able to slow Steve Cohen’s roll.
Force his $14 billion hedge fund, SAC Capital, pay a $616 million settlement for insider trading accusations? He goes out and buys a Picasso and a second Hamptons manse down the road from his first one. Serve SAC Capital a five-count criminal indictment for insider trading? He throws a flashy party at his 9,000 square foot estate on Further Road. Continue reading “Article: Indictment Won’t Stop Steve Cohen from Hosting a Hamptons Tuna Party”
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
