Former MSFT CEO, Steve Ballmer, who earlier was said to have put in a $1.8 billion bid for the LA Clippers, is reported to have won the bidding war for the troubled sports team, and will shelve out a massive $2 billion: a record price for any NBA team, and four times the $550 million that was paid earlier this month for the Milwaukee Bucks. It is also the second highest price ever paid for any US sports team, only behind the $2.1 billion paid for the Dodgers in 2012.
The U.S. Securities and Exchange Commission have announced charges against billionaire hedge fund mogul Steven A. Cohen, alleging that he failed to supervise two of his employees who have been implicated in insider trading. The SEC civil action come two weeks after reports emerged that Cohen was poised to avoid criminal charges in what the feds have called the largest insider trading scheme in U.S. history. As part of its order initiating administrative proceedings against Cohen, the SEC is seeking to bar the reclusive hedge fund titan from overseeing investor funds.
The Securities and Exchange Commission sued billionaire hedge fund manager Steven Cohen for failing to supervise two portfolio managers at Stamford-based SAC Capital. The SEC is also seeking to bar Cohen from overseeing investor funds.
WASHINGTON — The Securities and Exchange Commission on Friday filed civil charges against Steven A. Cohen, accusing the billionaire hedge-fund manager of failing to prevent insider trading at the fund he founded.
Cohen founded and runs SAC Capital Advisors. The government has called the SAC Capital Advisors case one of the biggest insider-trading fraud cases in history.
The Securities and Exchange Commission has charged hedge fund billionaire Steven Cohen with failing to supervise portfolio managers, according to a release. The SEC also seeks to bar him from overseeing investor funds, the release states. Here's the full release (emphasis ours): Washington D.C., July 19, 2013 —
Billionaire hedge fund titan Steven A. Cohen, one of the most high-profile and controversial Wall Street figures of the last decade, has been implicated in what federal officials are calling “the largest insider trading case ever charged by the SEC,” according to The Wall Street Journal.