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Alternative Market Briefing

SEC bars Steven A. Cohen from supervisory hedge fund role until 2018

Monday, January 11, 2016

Komfie Manalo, Opalesque Asia:

The Securities and Exchange Commission (SEC) on Friday barred hedge fund manager Steven A. Cohen from supervising funds that manage outside money until 2018 in order to settle charges for failing to supervise a former portfolio manager who engaged in insider trading while employed at his firm.

The SEC also ordered Cohen’s family firms to be subjected under SEC examinations and to retain an independent consultant to conduct periodic reviews of their activities to ensure compliance with securities laws.

"Before Cohen can handle outside money again, an independent consultant will ensure there are legally sufficient policies, procedures, and supervision mechanisms in place to detect and deter any insider trading," said Andrew J. Ceresney, Director of the SEC’s Enforcement Division. "The strong combination of a two-year supervisory bar and additional oversight requirements achieves significant and immediate investor protection and deterrence, while ensuring that the activities of his funds are closely monitored going forward."

The SEC’s order finds that Cohen failed to supervise former portfolio manager Mathew Martoma, who engaged in insider trading in 2008 while employed at CR Intrinsic Investors, an investment advisory firm that was a wholly-owned subsidiary of S.A.C. Capital Advisors LLC, an entity founded and controlled by Cohen.

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