Saturday, 20 September 2014
Last updated 1 day ago
Aug 9 2013 | 11:23am ET
SAC Capital Advisors founder Steven Cohen's lawyers will not get an early look at the Securities and Exchange Commission's case against him.
The SEC's Chief Administrative Law Judge, Brenda Murray, yesterday stayed the agency's civil case against Cohen until the criminal insider-trading case against his firm concludes. But she did so without accepting Cohen's caveat that his lawyers get access to the SEC's evidence immediately.
The SEC has accused Cohen of failure to supervise his employees, a number of whom have been accused of insider-trading. But federal prosecutors moved to have that case put on hold after they filed criminal charges against SAC itself days later.
Cohen's lawyers had argued that they needed immediate access to the SEC's voluminous evidence, arguing that they will not have enough time to prepare if they are not produced before the end of the SAC criminal trial. But Murray said that argument was "unpersuasive" and that the SEC could produce the documents on a timeline consistent with a delayed proceeding.
It may not matter: In spite of Cohen's claim that the SEC has much more evidence than prosecutors, the Manhattan U.S. Attorney's Office said it expects to produce roughly the same volume of documentation as the SEC.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.