Monday, 24 October 2016
Last updated 2 days ago
Aug 28 2014 | 11:03am ET
Steven Cohen’s date in court with the Securities and Exchange Commission is getting further and further away.
Federal prosecutors in Manhattan again asked the SEC’s chief administrative law judge to delay the regulator’s civil proceeding against him for failure to supervise his employees. The U.S. Attorney’s Office wants the case postponed until the criminal cases against two former SAC Capital Advisors traders convicted of insider-trading are resolved.
That could be a while: One of the two, Michael Steinberg, is appealing his conviction, and the other, Mathew Martoma, is expected to appeal his following his sentencing next month. The civil case against Cohen—in which the SEC is seeking to have him barred from the securities industry—has already been delayed by a year.
Cohen is not currently managing outside capital. SAC pleaded guilty to insider-trading charges last year and agreed to return client money, becoming a family office called Point72 Asset Management after paying $1.8 billion in penalties to settle the matter.