Sun, Mar 26, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Update: Martoma insider trading case further drags down hedge funder Steve Cohen

Monday, November 26, 2012

Precy Dumlao, Opalesque Asia: - The insider trading case against former health-care portfolio manager at CR Intrinsic Investors, Mathew Martoma, a unit of Steve Cohen’s $14bn hedge fund firm SAC Capital Advisors, has shed a serious doubt on Cohen himself as he and his firm are further dragged into what the U.S. Federal authorities describe as the "most lucrative" securities fraud in history.

A report by Bloomberg claims that this is the sixth time that an employee of Cohen has been implicated in an insider trading scheme done while at his employ, but this is the first time authorities have evidence that Cohen had talked with a defendant about the stocks involved in the complaint.

Thomas Gorman, a partner in Dorsey & Whitney’s litigation and enforcement practice group based in Washington, told Bloomberg, "This is a significant step forward for the government in their tracing of evidence that seems to be leading to SAC. It also raises the question of compliance procedures and how well they are policed at SAC."

The Federal Bureau of Investigation (FBI) arrested Martoma last week in Florida for allegedly getting inside information on a clinical trial of an Alzheimer's drug; this information allowed SAC Capital to earn at least $276m in profits. He was also being implicated for allegedly using inside tips to avert losse......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Hedge fund liquidations in 2016 surpass 2009 levels, new launches decline[more]

    Benedicte Gravrand, Opalesque Geneva: Even as the hedge fund industry's total assets exceeded the $3tln milestone last year, hedge fund liquidations increased. So much so that 2016 had the highest number of liquidations since 2008, claims the latest HFR Market Microstructure Report, re

  2. Hedge funds find no joy in macro as returns lag Trump rally[more]

    From Gulfnews.com: In 2017, macro hedge funds were expected to shine. So far? Not so much. It's been a far from impressive first two months for funds that trade around macroeconomic events. Discretionary funds rose just 0.3 per cent through February, according to Hedge Fund Research Inc., while the

  3. Strategies - Billionaire investor Marc Lasry shares how he's playing markets right now, Classic models are failing FX hedge funds desperate for return[more]

    Billionaire investor Marc Lasry shares how he's playing markets right now From CNBC.com: Buy on the prospect of deregulation. Sell on the enactment of deregulation. That's the strategy that billionaire investor Marc Lasry is implementing, according to an interview with CNBC in Las Vegas

  4. Opalesque Exclusive: Aberdeen makes the case for the lower mid-market[more]

    Bailey McCann, Opalesque New York: Aberdeen Asset Management has released a new paper focused on lower mid-market private equity. According to the paper, this segment of the private equity market is gaining popularity with private equity investors that are looking for multiple expansion and less

  5. Hedge funds await outcome of French elections, feel pinch on lower oil prices & weak dollar[more]

    Komfie Manalo, Opalesque Asia: Hedge funds felt the pinch of lower oil prices and weak U.S. dollar as the Lyxor Hedge Fund Index was marginally down as of the week ending 14 March, Lyxor Asset Management said in its Weekly Briefing. The Lyxor He