Mon, Oct 24, 2016
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
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......................

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. M&A - U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga, Hedge fund Parvus shows hand, toppling William Hill merger deal[more]

    U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga From The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize. SVG Capital has agreed

  2. Marc Lasry: Energy is still a phenomenal opportunity[more]

    From Distressed debt specialist Marc Lasry said energy debt is still a "phenomenal opportunity" because investors can get "massively overpaid" for the risk they take on. There are "huge opportunities" in the energy sector especially in restructurings, the Avenue Capital Group CEO said Tues

  3. Opalesque Exclusive: Ex-SAC manager re-emerges with market neutral hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A manager re-emerged from the SAC battleground last year to launch his own hedge fund under the umbrella of New York-based investment firm Endicott Group.

  4. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  5. Other Voices: Follow the advice of investment consultants - I think not[more]

    Mark Rzepczynski, Founding Partner, Chief Investment Officer AMPHI Research and Trading, writes on Harvest Exchange: Investment consultants are a force to the reckoned with in the pension world. They advise and drive many pension decisions around the globe. Consultants literally control trillion