Tue, Sep 27, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SAC Capital’s Steven Cohen mulls hiring trading monitor

Wednesday, February 26, 2014

Komfie Manalo, Opalesque Asia:

Billionaire hedge fund manager Steven Cohen told his employees at SAC Capital Advisors that he intends to hire a chief surveillance officer to monitor trading after he pleaded guilty to securities fraud in November last year that also ordered him to convert his firm into a family office and pay $1.8bn in penalty.

The New York Times said Cohen wants to hire a former prosecutor or securities regulator to monitor trading at SAC Capital. The position is expected to be filled in the coming spring, Cohen’s letter to his employees said.

The once $14bn hedge fund is in the process of converting itself into a family office that will only manage Cohen’s $9bn personal wealth as part of a plea deal he entered with the Securities and Exchange Commission late last year in addition to paying a hefty fine.

United States Judge Laura Taylor Swain will issue a ruling next week whether to accept or reject SAC’s guilty plea arising from the SEC’s investigation into alleged insider trading involving the hedge fund. In the deal, SAC Capital is prevented from managing money from outside investors.

Cohen’s letter to his employees also detailed the shrinking size of SAC Capital from 1,000 employees in early 2013 t......................

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. Star names struggle as smaller hedge funds make hay[more]

    From eFinancialnews.com: Many big-name funds have been hit by sharp reversals in markets, including US government bonds and UK stocks, and have struggled to extricate themselves from positions that have gone bad. According to data group eVestment, hedge funds below $250 million in size are up 4.1% t

  2. North America - Acela fight splits hedge fund Connecticut and old money enclaves[more]

    From Bloomberg.com: Connecticut’s residential coastline is two worlds, the one of newcomer millionaires and one whose wealth and New England roots span generations. Now, their differences over a rail route threaten to gum up plans for the U.S. Northeast’s fastest-ever trains. About 30 miles from Man

  3. Activist News - Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership, Activist investors double chance of CEO exits[more]

    Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership From Calvinayre.com: Casino operator Caesars Entertainment has improved its offer to junior creditors to over $5b, but the offer is only good until Friday. On Wednesday, Caesars added an extra $1.6b to the $

  4. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  5. Comment - ‘Gut feeling’ measurable in hedge fund traders, How hedge fund managers can use blockchain to maximize benefits[more]

    ‘Gut feeling’ measurable in hedge fund traders From Laboratoryequipment.com: “Gut feeling” is an intangible – an automatic hunch – based on prior experience for some people. But the “gut feeling” is actually a measurable response developed in professionals doing some high-risk work, acco