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

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

When Less is More: The Case for Concentrated Equity Strategies

Jun 1 2015 | 7:59am ET

The conventional wisdom is that wide diversification is the “holy grail,” as...

 

Sponsored Content

Editor's Note