Sat, Jul 4, 2015
A A A
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. Opalesque Exclusive: New systematic strategy managed alongside research firm outperforms S&P500[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging CTA manager explains how he runs his strategy, which is based on an index produced by a research firm. Peter Turk is head of

  2. Opalesque Exclusive: New systematic strategy embraces machine learning[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The founder of a New York-based systematic trading firm, which offers a hybrid between alpha strategies and alternative feta at lower fees, describes his approa

  3. Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares[more]

    Komfie Manalo, Opalesque Asia: Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported

  4. Legal - Grayson’s hedge funds under scrutiny for possible ethics violations, Court rejects hedge fund’s motion to block merger of Samsung affiliates[more]

    Grayson’s hedge funds under scrutiny for possible ethics violations From Freebeacon.com: Rep. Alan Grayson is finding himself in hot water over managing hedge funds that bear his name, actions that are in possible violation of House ethics rules. Sitting members of Congress are prohibite

  5. Hedge funds decline in June as stocks tumble on Greek woes[more]

    From Bloomberg.com: Hedge funds posted losses across strategies last month as uncertainty over whether Greece will remain in the euro sent global stock markets tumbling. Winton Capital Management declined about 3.1 percent in June in its $12.1 billion Winton Futures Fund, leaving it down 1.9 percent

 

banner