SAC Capital – Page 3 – Financial Treason & Crime

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”

11/04/201303/03/2021

Article: SAC Capital Pleads Guilty to Decade-Long Insider Trading Conspiracy

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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”

11/04/201303/03/2021

Article: Steven A. Cohen’s SAC Capital Advisors hit with record insider trading penalty

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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”

10/17/201303/03/2021

Article: Steven Cohen May Sell Stock in Company Whose Founder Went to Prison For Insider Trading

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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”

08/02/201303/04/2021

Article: The Other Side of Stevie Cohen’s Market Manipulation

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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”

08/01/201303/04/2021

Article: Steve Cohen: The Feds Get Tough, Sort Of

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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”

07/29/201303/03/2021

Article: Indictment Won’t Stop Steve Cohen from Hosting a Hamptons Tuna Party

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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”

07/28/201303/03/2021

Article: CEO Mocks Steve Cohen In Bizarre Full-Page Wall Street Journal Ad

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CEO Mocks Steve Cohen In Bizarre Full-Page Wall Street Journal Ad

Quartz, 28 July 2013

The background is that Patrick Byrne, chief executive of Overstock.com, is among the most vocal critics of naked short selling, which some investors, including SAC Capital founder Steve Cohen, use to drive down the stock price of companies that they’ve bet against. Byrne once famously called Cohen a “Sith Lord,” referencing a Star Wars villain, for engaging in naked short sales of Overstock.com. Deep Capture, the website referenced in today’s ad, is funded by Byrne. Continue reading “Article: CEO Mocks Steve Cohen In Bizarre Full-Page Wall Street Journal Ad”

07/26/201303/03/2021

Article: Stephen Cohen’s hedge fund SAC Capital charged with insider trading

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Stephen Cohen’s hedge fund SAC Capital charged with insider trading

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: 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”

07/22/201303/04/2021

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”