Thursday, 2 April 2015
Last updated 11 hours ago
Jun 13 2011 | 12:31pm ET
The Securities and Exchange Commission of Friday refused to disclose how it dealt with referrals about suspicious trading at SAC Capital Advisors, prompting a furious response from the U.S. senator who asked for its explanation.
"We generally do not comment on the status of investigations or related referrals, and, in turn, are not providing information concerning the specific FINRA referrals you identified," Robert Khuzami, the SEC's enforcement director, wrote to Sen. Charles Grassley (R-Iowa). That did not make Grassley, the senior Republican on the Senate Judiciary Committee who gave the SEC more time to respond to his request just days earlier, particularly happy.
"This isn’t what I asked for, and it's not an acceptable response," Grassley said. "I'm looking for the SEC to explain how it handled specific referrals. Did the agency review them and find no credible evidence of wrongdoing? Or are they sitting in a drawer because the agency ignored them?"
Grassley asked about 20 referrals about suspicious trading at SAC. The senator has stressed his focus is the SEC, a frequent target of Grassley's, and not the hedge fund, which has said it is cooperating with the probe.
"My staff continues to analyze the referrals involving SAC Capital, and I'll continue to ask for answers from the SEC," Grassley added.
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…