Tue, Apr 25, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Update: Steven Cohen’s attorneys dispute SEC’s neglect charges

Wednesday, July 24, 2013

Komfie Manalo, Opalesque Asia:

Steven A. Cohen denied the charges filed against him by the Securities and Exchange Commission (SEC) that he failed to stop insider trading practices at his $15bn hedge fund firm, SAC Capital Advisors, an AP report said.

Last week, the SEC filed federal civil charges against Cohen for allegedly failing to supervise two senior employees and prevent them from insider trading under his watch, namely Matthew Martoma and Michael Steinberg.

"Instead of scrutinizing their conduct, Cohen praised Steinberg for his role in the suspicious trading and rewarded Martoma with a $9m bonus for his work," the regulator said in a statement. Cohen’s hedge funds earned profits and avoided losses of more than $275m as a result of the illegal trades.

According to AP, lawyers for Cohen stated yesterday that the hedge fund manager did not read an email at the center of the investigation and dismissed the SEC charges as "unfounded" in a memo sent to employees of the firm on Monday.

They further said that Cohen "had every reason to believe" that one of his managers was using only public information to make trades, and that he had not read the email from the other manager.

Cohen, 57, faces possib......................

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. Investing - Hedge fund Ecofin says EDP bid for renewable energy unit 'egregiously low', Asia CIOs say "non" to Europe, Billionaire Mike Novogratz says he has 10% of his money in Bitcoin and Ether[more]

    Hedge fund Ecofin says EDP bid for renewable energy unit 'egregiously low' From Reuters.com: London hedge fund firm Ecofin said an offer from Portugal's largest company EDP to buy 22.47 percent of subsidiary EDP Renovaveis "significantly undervalues" the company, in a letter to EDPR's bo

  2. Alternative asset firm YieldStreet surpasses $100m of loans funded in less than 8 quarters[more]

    Komfie Manalo, Opalesque Asia: Alternative asset investment platform YieldStreet reported that it has surpassed $100m in loans funded in less than eight quarters from accredited investors and single family offices. YieldStreet was founded by Milind Mehere and Michael Weisz. In a

  3. Investing - Investor appetite for high-growth IPOs to be tested, Apollo boosts fund's stock allowance for 'diamonds in the rough', Hedge funds uncertain over outlook for Hargreaves Lansdown[more]

    Investor appetite for high-growth IPOs to be tested From FT.com: The US listings market is poised for a busy week with deals that will test investors' appetite for high-growth - but lossmaking - companies. Eight new listings are scheduled for this week, the most since October of 2016,

  4. Aris Wealth' quant indices fare well[more]

    Benedicte Gravrand, Opalesque Geneva: Last year, Geneva-based Aris Wealth Management launched indices sponsored by Societe Generale Corporate & Investment Banking. These indices replic

  5. Opalesque Exclusive: Gold Sail diversifies into PE and real estate[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The five Purdue University students who set up a hedge fund last year have become four and have diversified int