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SEC: Cohen failed to prevent insider trading

Steven Cohen, the billionaire manager of one of the largest and most successful hedge funds, was hit with a civil action by federal regulators Friday for allegedly failing to supervise two financial lieutenants accused of insider trading. The action filed by the Securities and Exchange Commission stopped short of accusing the famed founder of SAC Capital and one of the nation’s wealthiest individuals of insider trading himself. But it seeks to bar Cohen from handling investor funds, a penalty that could force him to shutter portfolios that the agency said until recently totaled more than $15 billion. More in USA Today here.

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