Tuesday, 31 May 2016
Last updated 3 days ago
Jun 17 2011 | 8:32am ET
SAC Capital Advisors has hired its first compliance officer in Boston, the office that once housed admitted insider-trader Noah Freeman.
Gina DiMento oversees compliance for the roughly dozen portfolio managers and analysts at SAC's Beantown office. SAC Boston's compliance needs had previously been handled by SAC's compliance teams in Stamford, Conn., and New York, Bloomberg News reports.
DiMento, who joined SAC last month, previously worked at AGS Law Group, which advises hedge funds, as well as PAR Capital Management and Wellington Management Co.
Freeman, who has pleaded guilty to insider-trading as part of the government's crackdown on expert-networks, testified in the trial of Winifred Jiau last week that he traded on confidential information while at SAC from 2008 through 2010. Freeman said he went to some lengths to hide his activities from SAC's compliance department, billing Primary Global Research, for which Jiau consulted, in the form of higher trading commissions.
SAC has said that it is "outraged by the alleged actions of two former employees," Freeman and Donald Longueuil, who has also pleaded guilty in the case. The hedge fund currently faces four separate investigations, though neither the firm nor its founder, Steve Cohen, have been accused of wrongdoing.