Sunday, 28 December 2014
Last updated 3 days 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.