Point72 – Financial Treason & Crime

“His Risky Bets Made Him A Million on Paper. It could’ve gone very differently.”

A mob of traders on Reddit’s WallStreetBets page have sent GameStop (GME), AMC (AMC) and other stocks skyrocketing in recent days. GameStop lost a quarter of its value Monday but it’s still up nearly 1,200% on the year. WallStreetBets successfully triggered an epic short squeeze, where investors that bet against GameStop have been forced to unwind their bets and buy the stock back. That in turn has driven GameStop even higher, creating even more losses for short-sellers.

Continue reading “Hedge Funds are Getting Crushed by the Worst Short Squeeze in a Quarter Century”

01/28/202103/04/2021

Article: Steve Cohen’s enormous GameStop losses are his own fault

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Steve Cohen’s enormous GameStop losses are his own fault

DENNIS YOUNG, 28 January 2021

For Mets fans hoping for a hard reset under new owner Steve Cohen, one of the richest men ever to buy an American sports team, this offseason has been depressingly familiar.

The team hasn’t splurged on any major free agents or extended any of its own young talent. They had to fire the GM for being outed as a serial sexual harasser just a month after he was hired. And, most alarmingly for the Mets’ competitive fortunes, Cohen has quickly lost a ton of money on an ill-advised investment. Point72, the $19 billion hedge fund owned and operated by Steve Cohen, is down 15% this year, according to the New York Times. Continue reading “Article: Steve Cohen’s enormous GameStop losses are his own fault”

01/05/202103/04/2021

Article: Steve Cohen Rides Point72 Gains to $1.4 Billion in Personal Earnings

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Steve Cohen Rides Point72 Gains to $1.4 Billion in Personal Earnings

Stephen Taub, 05 January 2021

Steven Cohen’s Point72 Asset Management just posted its best year since it launched with outside money in 2018 — capping what has been a remarkable professional and personal comeback for the founder of now-defunct SAC Capital Advisors. Continue reading “Article: Steve Cohen Rides Point72 Gains to $1.4 Billion in Personal Earnings”

05/13/202005/14/2020

Subject: Steven A. Cohen

Subject of Interest

Steven A. Cohen is an American billionaire hedge fund manager, He is the founder of hedge funds Point72 Asset Management and now-closed S.A.C. Capital Advisors, both based in Stamford, Connecticut. In 2013, the Cohen-founded S.A.C. Capital Advisors pleaded guilty to insider trading and agreed to pay $1.8 billion in fines in one of the biggest criminal cases against a hedge fund. Cohen was prohibited from managing outside money for 2 years as part of the settlement. The hedge fund agreed to plead guilty to wire fraud and four counts of securities fraud and to close to outside investors.

Steven A. Cohen

S.A.C. Capital Advisor

Point72 Asset Management

02/02/201803/04/2021

Article: ‘Hedge Fund King’ Steven Cohen Gets Back to Business

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‘Hedge Fund King’ Steven Cohen Gets Back to Business

Money Talking, 02 February 2018

Before he was known for an insider trading scandal, Steven Cohen was known as the “hedge fund king,” bringing sky-high returns to clients at his super successful firm, SAC Capital Advisors — and serving as an inspiration for the Showtime series “Billions.”

Now, Cohen is looking to get back into business after a two-year ban on trading other people’s money ended at the start of this year. With his new company, Point72 Asset Management, Cohen is once again courting clients and their billions — up to $4 billion, according to a recent report from Bloomberg. Continue reading “Article: ‘Hedge Fund King’ Steven Cohen Gets Back to Business”

01/08/201803/04/2021

Article: Ban Lifted, Steven Cohen May Soon Be Investing For Clients Again

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Ban Lifted, Steven Cohen May Soon Be Investing For Clients Again

Nicole Einbinder, 08 January 2018

Steven Cohen, the billionaire investor once known as “the hedge-fund king,” could soon be managing other people’s money again — assuming investors can look past the insider trading allegations that sunk his previous firm.

For the past two years, Cohen has been barred from managing money for clients under a 2016 agreement reached with the Securities and Exchange Commission for failing to properly supervise a former portfolio manager at his fund SAC Capital Advisors who was found guilty of insider trading. Continue reading “Article: Ban Lifted, Steven Cohen May Soon Be Investing For Clients Again”

11/07/201703/04/2021

Article: The Curious Career of Steven Cohen

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The Curious Career of Steven Cohen

Robert Abbott, 07 November 2017

Few investment gurus have as controversial a record as Steven Cohen (Trades, Portfolio). He has won acclaim for outstanding returns over the long term, he’s been cursed for the way he does business by other Wall Streeters and he was at the center of an insider trading scandal, one that saw several of his traders convicted. Continue reading “Article: The Curious Career of Steven Cohen”

09/26/201703/04/2021

Article: Steven Cohen’s Dubious Rerun?

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Steven Cohen’s Dubious Rerun?

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?”

11/30/201603/04/2021

Article: Steve Cohen’s former hedge fund settles insider trading suit for $135M

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Steve Cohen’s former hedge fund settles insider trading suit for $135M

Carleton English, 30 November 2016

Steve Cohen’s former hedge fund agreed to pay $135 million to shareholders of Elan Corp. to settle claims that the fund’s alleged insider trading caused them to lose money.

The shareholders claimed that SAC Capital used insider information to trade shares in the pharmaceutical company — now owned by Perrigo — between 2006 and 2008. SAC got the inside info from doctors involved in the clinical trials of Elan’s Alzheimer’s drug, it was alleged. Continue reading “Article: Steve Cohen’s former hedge fund settles insider trading suit for $135M”

01/09/201603/04/2021

Article: SEC settles with hedge fund billionaire Steven Cohen

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SEC settles with hedge fund billionaire Steven Cohen

Renae Merle, 09 January 2016

Billionaire Steven A. Cohen has been in the crosshairs of federal prosecutors for nearly a decade. His hedge fund, SAC Capital, was once one of the most powerful on Wall Street, managing more than $15 billion for investors and producing stellar returns for years.

But prosecutors suspected that SAC’s success was too good to be true.

U.S. Attorney Preet Bharara in Manhattan once called Cohen’s hedge fund as a “veritable magnet for market cheaters.” When, in 2013, SAC agreed to pay $1.2 billion to settle charges that it tolerated rampant insider trading it was one of the highest-profile successes in the government’s aggressive push against insider trading. Continue reading “Article: SEC settles with hedge fund billionaire Steven Cohen”

10/07/201503/04/2021

Article: Steven Cohen returns to London after insider trading claims

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Steven Cohen returns to London after insider trading claims

Joanna Bourke, 07 October 2015

The US investment firm that oversees billionaire Steven Cohen’s wealth has agreed a deal to return to the UK, its new landlord has said. Two years after closing its London offices amid insider-trading allegations, Point 72 Asset Management will move to St James’s Square in London’s hedge-fund heartland.

The company plans to be operating out of the capital by the first quarter of 2016. It previously employed around 50 people in London. Continue reading “Article: Steven Cohen returns to London after insider trading claims”

04/10/201403/04/2021

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”