Tuesday, 21 February 2017
Last updated 21 min ago
Aug 5 2013 | 10:26am ET
SAC Capital Advisors founder Steven Cohen's legal team wants a look at the Securities and Exchange Commission's evidence against their client—even if that case is to be delayed.
On Friday, Cohen's lawyers said they favored the Justice Department's request that the SEC's civil case against Cohen be stayed pending the outcome of the criminal insider-trading case against the hedge fund itself. But that support comes at a price: "immediate access" to the roughly 375 million pages that make up the agency's "administrative record" about SAC.
The SEC, which has accused Cohen of failure to supervise and which is seeking to bar him from trading, has roughly five times as much evidence as do prosecutors in the fraud case.
"The pendency of related criminal proceedings should not serve as a reason to delay the production of the SEC's investigative file in this proceeding," Cohen's lawyers wrote.
The U.S. Attorney's Office in Manhattan last week asked the SEC's chief administrative law judge to put a hold on the civil case until the criminal case reaches its conclusion. SAC has pleaded not guilty to fraud charges.