Sat, Jun 24, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

U.S. prosecutors mull anti-racketeering law against Steve Cohen

Thursday, May 23, 2013

From Komfie Manalo, Opalesque Asia – Government investigators are considering using the Racketeer Influenced and Corrupt Organizations Act to pin Steven Cohen and his hedge fund firm SAC Capital in insider trading, various media reported.

The RICO law, which is commonly used by government prosecutors against the mafia, is being considered against Cohen, but legal experts argue that using the tactic would require the approval of the Department of Justice.

According to Reuters, the office of Manhattan U.S. Attorney Preet Bharara and the Department of Justice did not comment on the report.

At least nine former and current SAC employees have been charged by the government in connection with insider trading, including former portfolio manager Mathew Martoma and Michael Steinberg. But Cohen himself has not been formally charged despite being under the probers’ eye for nearly six years.

The fact that investigators are thinking of using RICO against Cohen may show that the government has no strong evidence against the hedge fund manager in connection with the alleged insider trading.

Early this week, it was reported that Cohen had been subpoenaed by a feder......................

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. FinTech - Rise of robots: Inside the world's fastest growing hedge funds[more]

    From Bloomberg.com: Believe the hype. Quants have never been more popular. After doubling over the past decade, assets run by so-called systematic funds have hit a record $500 billion this year, according to estimates from Barclays Plc. In some ways, their meteoric rise is due to the same technolog

  2. Legal - Bond market concerns could scuttle Paulson's Fannie-Freddie plan[more]

    From Bloomberg.com: A hedge fund proposal for freeing Fannie Mae and Freddie Mac from U.S. control is poised to face stiff opposition from investors who say it risks wrecking the mortgage-bond market. The Moelis & Co. blueprint, which firms including Paulson & Co. and Blackstone Group LP sponsored,

  3. Other Voices: Are your pricing policies and procedures for less liquid instruments adequate?[more]

    Komfie Manalo, Opalesque Asia: The unrelated position mismarking incidents that quickly precipitated the closures of both Visium Asset Management and Marinus Capital have been recent focal points for market participants, but regulatory scrutiny of valuation choices for less liquid instruments is

  4. FinTech - AI hedge fund Numerai now live on Ethereum, Cryptocurrency hedge funds generate huge returns as bitcoin surges[more]

    AI hedge fund Numerai now live on Ethereum From Cryptoninjas.net: Back in February, Numerai announced numeraire (NMR), a cryptographic token to incentivize a new kind of hedge fund built by a network of data scientists. Earlier today, the Numeraire smart contract was officially deployed

  5. Investing - Advisors slash hedge fund positions, Theravance Biopharma is a top pick of investment guru Seth Klarman, As asset management industry grows a search for new revenue streams[more]

    Advisors slash hedge fund positions From Barrons.com: Financial advisors have cut wealthy clients' exposure to hedge funds by up to one third over the past 12 months, The Financial Times reports. Advisor firms in the FT's annual top-300 ranking have reduced their hedge fund allocation to