SEC’s Cohen Lawsuit Stay Extended

Jun 2 2014 | 6:28am ET

The administrative law judge overseeing the Securities and Exchange Commission’s case against SAC Capital Advisors founder Steven Cohen has bowed to a request from prosecutors to delay the matter.

Brenda Murray, the SEC’s chief ALJ, last week assented to the request from Manhattan federal prosecutors to keep in place a stay that has postponed the case, which accuses Cohen of failing to supervise employees found guilty of insider-trading. The U.S. Attorney’s Office said it wanted to wait and see the outcome of the appeal of two other hedge fund mangers convicted of insider-trading that could affect the guilty verdict against former SAC trader Michael Steinberg.

Prosecutors said they would update Murray on the continuing need for the stay by Aug. 26.

The SEC sued Cohen just before prosecutors filed criminal charges against SAC. The firm settled those allegations, agreeing to pay $1.8 billion and to cease managing outside capital. It is now a family office called Point72 Asset Management.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Videos

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    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…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.