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