Thursday, 31 July 2014
Last updated 27 min ago
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.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…