Wed, May 25, 2016
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. Paul Tudor’s hedge fund trims fee amidst poor performance, keep investors[more]

    Komfie Manalo, Opalesque Asia: Paul Tudor’s $11.6bn hedge fund firm Tudor Investment Corp. announced on Monday it would slash down fees of one of its biggest fund to 2.25% of assets and 25% of profits amidst backlash arising from poor performa

  2. West Virginia objects to Alpha Natural sale to hedge fund[more]

    From AP/Heraldcourier.com: West Virginia's environmental authority has filed an objection to the proposed $500 million sale of Alpha Natural Resources' assets to a hedge fund, arguing that the deal could leave the state holding hundreds of millions in reclamation liabilities. The Register-Hera

  3. Mitch Petrick leaves Carlyle as his hedge fund unit suffers losses while assets expand[more]

    Komfie Manalo, Opalesque Asia: Mitch Petrick will be leaving Carlyle Group as head of its hedge funds unit overseeing about $34bn as of March 31, after several funds under his management suffered losses while assets expanded, various media reported. Petrick joined Carlyle in 2010 and was a former

  4. Institutions - Kentucky pension leans into hedge funds amid governance turmoil, Korea's NPS names finalists for initial $1 billion hedge fund-of-funds allocation[more]

    Kentucky pension leans into hedge funds amid governance turmoil From AI-CIO.com: The Kentucky Retirement Systems moved to increase its hedge fund allocation as controversy reigned over fund leadership. Following a string of high-profile hedge fund exits, the Kentucky Retirement Systems (

  5. Fund Profile - The hedge fund that couldn't stay open long enough for a big payday[more]

    From Bloomberg.com: Toby Dodson waited six months for his bet against a fragile Portuguese bank to pay off. But before the reckoning, word came down from his hedge fund bosses at Achievement Asset Management in Chicago: get ready to clear out your desk and unwind your trades, we’re shutting down. Th