Sex Scandal Roils SAC, EEOC Gets Involved

Oct 12 2007 | 12:03pm ET

The tawdry tale of sexual harassment and black-market female hormones at SAC Capital isn’t just a matter for the courts and arbitrators anymore.

The Equal Employment Opportunity Commission is now investigating the allegations by former SAC trader Andrew Tong that his then-boss, top SAC fund manager Ping Jiang, ordered him to take female hormones and wear women’s clothing to curb his aggressive trading tendencies. Tong also alleges that the two men had a sexual relationship.

The EEOC probe, revealed in court papers, was first reported by the New York Post.

According the newspaper, Tong is holed up in his Jersey City, N.J., condo, while Jiang continues to run Stamford, Conn.-based SAC’s quantitative trading operations in the firm’s New York office.

SAC brass were reportedly enraged that details about the case, which were supposed to be sealed, leaked to the media this week. One employee told the Post that bosses launched “a witch hunt” to determine the source of the leak. SAC has called the accusations “salacious and false.”

Tong’s lawyers, according to the Post, counter that they “are neither salacious nor false.”

RELATED ARTICLE


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...