SAC Insider-Trading Probe Focuses On 20 Stocks; Options Eyed

May 23 2011 | 2:31pm ET

One top U.S. senator is looking into a handful of trades at SAC Capital Advisors to see if he can do what regulators and prosecutors have been unable to: find evidence of insider-trading.

Sen. Charles Grassley (R-Iowa), the ranking minority member of the Senate Judiciary Committee, is looking into "about 20 suspicious instances of trading by SAC Capital," his spokeswoman said. But the Senate isn't stopping there.

Senate investigators are in talks with the Justice Department, Securities and Exchange Commission and Financial Industry Regulatory Authority about widening the probe into options trading by the firm, The Wall Street Journal reports.

FINRA has turned over details from the 20 trades requested by Grassley.

Meanwhile, FOX Business Network Senior Correspondent Charlie Gasparino reports that despite government probes into SAC, the firm is not suffering redemptions, and in fact, it is growing: “They continue to take in assets despite these investigations,” sources told Gasparino, adding that SAC “has raised 1.5 billion dollars since mid 2010” when the probes began.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of