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Alternative Market Briefing

Grand jury orders Steven Cohen to testify in insider trading probe

Monday, May 20, 2013

From Precy Dumlao, Opalesque Asia – A federal grand jury has subpoenaed Steven A. Cohen and ordered the hedge fund billionaire to testify in the widening insider trading probe, the New York Times reported.

According to the report, the subpoena against Cohen and other executives of SAC Capital signals an intensified effort by the government to crackdown on insider trading even as prosecutors and the Federal Bureau of Investigation have broadened their cooperation against SAC officials and the fund itself.

The subpoena also came as SAC issued a statement saying it would review its cooperation with government investigators. It was gathered that SAC, which has been previously cooperating with the investigation, has denied some of the government’s requests.

The New York Times quoted a SAC letter to its investors as saying, "While we have in the past told you of our cooperation with the government’s investigation, our cooperation is no longer unconditional."

It was learned that Cohen would invoke his right against self-incrimination and will not be appearing before the grand jury.

SAC told its investors the fund would not be giving updates concerning the investigation that it described as sensitive and confidential, reported the BusinessInsider......................

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