Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Mathew Martoma (born May 18, 1974, as Ajai Mathew Mariamdani Thomas) is an American former hedge fund trader. As a portfolio manager at S.A.C. Capital Advisors, he was accused of generating possibly the largest single insider trading transaction profit in history at a value of $276 million.
A jury convicted him, and in November 2014 he began serving a nine-year prison sentence. He is currently incarcerated at FCI Miami as inmate 01138-104, and scheduled for early release on 19 July 2021.
Meet Patrick Byrne: Bitcoin Messiah, CEO of Overstock, Scourge of Wall Street
Cade Metz, WIRED, 18 February 2021
The problem with the modern economy, Byrne says, is that it rests on the whims of our government and our big banks, that each has the power to create money that’s backed by nothing but themselves. Thanks to what’s called fractional reserve banking, a bank can take in $10 in deposits, but then loan out $100. The government can make more dollars at any time, instantly reducing the currency’s value. Eventually, he says, laying down a classic libertarian metaphor, this “magic money tree” will come crashing down.
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”
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.
Richard Choo-Beng Lee, who co-founded Spherix Capital and once was an analyst at SAC Capital, pled guilty in 2009 along with Spherix co-founder Ali Far, admitting to engaging in an insider trading scheme that enabled Spherix to make $5 million. Lee secretly informed on various individuals and recorded several phone calls with 28 people, including billionaire Steven A. Cohen, whose SAC Capital employed Lee as an analyst from 1999 to 2004, prosecutors said. Lee was also ordered by U.S. District Judge Kevin Castel in Manhattan to pay a $100,000 fine in light of his 2009 guilty plea.
Three weeks prison for key informant in U.S. insider-trading cases
Steve Cohen probably isn’t going to save the Mets
Sheryl Ring, 07 December 2019
In November 2013, SAC Management Companies, a hedge fund operated by new Mets owner Steve Cohen, agreed to pay $1.8 billion – with a B – to resolve insider trading and money laundering charges. Continue reading “Article: Steve Cohen probably isn’t going to save the Mets”
‘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”
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”
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”
The Story of Steve Cohen and SAC Capital
RICHMAN CENTER NEWS, 30 October 2017
On October 30, 2017, the Richard Paul Richman Center for Business, Law, and Public Policy held a fireside chat with Sheelah Kolhatkar, author of Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street. In her book, Kolhatkar relives the challenges faced by federal prosecutors while investigating insider trading by SAC Capital, a hedge fund headed by Steve Cohen—a secretive, intense, and highly successful trader who made billions from short term investments and trading. Continue reading “Article: The Story of Steve Cohen and SAC Capital”
Counterfeiting Stock
Anna McParland
The Creation of Counterfeit Shares — There are a variety of names that the securities industry has dreamed up that are euphemisms for counterfeit shares. Don’t be fooled : Unless the short seller has actually borrowed a real share from the account of a long investor, the short sale is counterfeit. It doesn’t matter what you call it and it may become non–counterfeit if a share is later borrowed, but until then, there are more shares in the system than the company has sold.
The magnitude of the counterfeiting is hundreds of millions of shares every day, and it may be in the billions. The real answer is locked within the prime brokers and the DTC. Incidentally, counterfeiting of securities is as
It is estimated that 1000 small companies have been put out of business by the shorts.
PDF (12 Pages): Paper Counterfeiting Stock
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?”
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”
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”
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
