Tuesday, 31 May 2016
Last updated 3 days ago
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.