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.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…