Friday, July 19, 2013

U.S. Accuses Cohen of Failing to Prevent SAC Insider Trading

BREAKING NEWSFriday, July 19, 2013 2:43 PM EDT
U.S. Accuses Cohen of Failing to Prevent SAC Insider Trading
Federal regulators filed a civil action against Steven A. Cohen on Friday, blaming the billionaire hedge fund manager for “failing to supervise” employees accused of insider trading.
The action, filed by the Securities and Exchange Commission, delivers a serious blow to Mr. Cohen, the founder of SAC Capital Advisors. The agency is seeking to bar Mr. Cohen from overseeing investor funds, a death knell to a hedge fund manager.

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http://dealbook.nytimes.com/2013/07/19/s-e-c-files-civil-case-against-steven-cohen-of-sac/?emc=edit_na_20130719
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