SEC settles with hedge fund billionaire Steven Cohen
- 8 years ago
Billionaire Steven A. Cohen has been in the crosshairs of federal prosecutors for nearly a decade.
U.S. Attorney Preet Bharara in Manhattan once called Cohen's hedge fund as a "veritable magnet for market cheaters."
When, in 2013, SAC agreed to pay $1.2 billion to settle charges that it tolerated rampant insider trading it was one of the highest-profile successes in the government's aggressive push against insider trading.
Instead, Cohen's new firm, Point72, which manages his $10 billion personal fortune, must hire an independent consultant to make sure it complies with securities laws.
"It's the ultimate slap on the wrist, if he's smart in two years he [Cohen] will be back managing money," said Gene Murphy, a white-collar defense attorney at Murphy & Hourihane in Chicago.
"When SAC pled guilty, I vowed that what happened to SAC would never happen to Point72," Cohen said in the letter to employees.
U.S. Attorney Preet Bharara in Manhattan once called Cohen's hedge fund as a "veritable magnet for market cheaters."
When, in 2013, SAC agreed to pay $1.2 billion to settle charges that it tolerated rampant insider trading it was one of the highest-profile successes in the government's aggressive push against insider trading.
Instead, Cohen's new firm, Point72, which manages his $10 billion personal fortune, must hire an independent consultant to make sure it complies with securities laws.
"It's the ultimate slap on the wrist, if he's smart in two years he [Cohen] will be back managing money," said Gene Murphy, a white-collar defense attorney at Murphy & Hourihane in Chicago.
"When SAC pled guilty, I vowed that what happened to SAC would never happen to Point72," Cohen said in the letter to employees.