SEC Gets More Time In Congressional Probe Of SAC Trades

Jun 8 2011 | 10:27am ET

The Securities and Exchange Commission has asked for—and received—more time to respond to questions about how it has handled reports of suspicious trading at SAC Capital Advisors.

Sen. Charles Grassley (R-Iowa) had asked the agency to respond by yesterday, but said that he had given the SEC more time.

"The SEC officials said they need time to be sure they are allowed to share the information I requested," Grassley explained. "I'm willing to give enough time to allow for a comprehensive response."

"If the information isn't forthcoming, I want credible evidence that withholding the materials actually would impede an active investigation," he added. "Otherwise, if the SEC isn't taking action, there's no reason for the agency to withhold the information."

Grassley asked the regulator to detail how it had dealt with referrals from the Financial Industry Regulatory Authority about suspicious trading at SAC, in particular about 20 instances of possible insider-trading. The senator has stressed that the SEC—not SAC—is the focus of his investigation, although SAC has met voluntarily with congressional investigators.

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