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.
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.
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 —
BOSTON/NEW YORK (Reuters) - As federal prosecutors circle Steven A. Cohen's $15 billion hedge fund in a long-running insider trading probe, one financial adviser in Texas is so devoted to the billionaire investor that he may give him more money.
By Igor Greenwald: Spare some sympathy for billionaire hedge-fund manager Steven Cohen. First, the founder of SAC Capital Advisors failed in his bid to buy the Los Angeles Dodgers. Then rival mastermind David Einhorn stole the spotlight. And now a prescient small bet of Cohen's has suddenly turned into a much bigger loser.