Tuesday, 31 March 2015
Last updated 20 min ago
Jun 2 2011 | 3:27pm ET
SAC Capital Advisors is the subject of not one, but two Securities and Exchange Commission insider-trading investigations.
The regulator, which is looking into SAC's trades in MedImmune Inc. shares before and after the announcement of that company's acquisition by AstraZenenca, is also investigating the hedge fund's use of expert networks, The New York Times reports. Two former SAC traders have pleaded guilty to criminal charges as part of the Justice Department's crackdown on expert networks.
Earlier this week, it emerged that instant message conversations between employees of SAC and employees at Primary Global Research—the expert network at the center of the Justice probe—are among the mountains of evidence investigators have produced in those cases.
Neither the $14 billion hedge fund nor any of its current employees have been accused of any wrongdoing. But several former employees have been implicated and pleaded guilty in insider-trading cases, including both the Galleon Group case and that focused on expert networks; in addition, former SAC healthcare fund manager Joseph Skowron has been charged with insider-trading at FrontPoint Partners. SAC has also faced two other SEC probes over the past three years.
In addition, federal prosecutors are looking into trades made by firm founder Steven Cohen, and congressional investigators are probing 20 trades made by the firm, ostensibly as part of their oversight of the SEC.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…