Prosecutors Seeks To Postpone Civil Case Against Cohen

Jul 30 2013 | 12:52pm ET

Now that he's charged SAC Capital Advisors with fraud, Manhattan U.S. Attorney Preet Bharara wants to put a hold on the Securities and Exchange Commission's civil case against the hedge fund's founders.

The SEC sued Steven Cohen for failure to supervise less than a week before Bharara's office hit the hedge fund with criminal insider-trading charges. On Friday, a day after SAC was indicted and the day it pleaded not guilty, Bharara asked an administrative law judge to postpone the SEC's case until after the criminal case is adjudicated.

Bharara said that the SEC does not object to the delay.

Both cases "will involve largely the same witnesses, documents and other evidence," Bharara wrote. "The continuation and disposition of the administrative proceeding as currently scheduled will substantially prejudice the pending criminal prosecutions and hinder the criminal enforcement of the securities laws at issue."

The first hearing in the SEC's case is set for Aug. 26.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of