SAC's Cohen Becomes Subject of SEC Probe
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SAC Capital's Steven Cohen is getting probed. And not the warm-and-cuddly-feeling kind.
According to reports out Thursday, the U.S. SEC is looking into whether Cohen utilized insider information to make trades in the past. Neither Cohen nor the $14 billion fund he oversees have been formally accused of any wrongdoing at this time.
In May 2011, SAC came under fire following a U.S. Senator calling on the Financial Industry Regulatory Authority (FINRA) to look into "suspicious" trading activity made by SAC. The inquiry followed a broader sweep of the industry over the last couple of years.
During the inquiry, it was said SAC made at least 18 trades in the past 11 years at or close to disclosure of market-moving news. (No word on whether Cohen was using his Streetinsider.com premium membership for the trades.)
According to reports out Thursday, the U.S. SEC is looking into whether Cohen utilized insider information to make trades in the past. Neither Cohen nor the $14 billion fund he oversees have been formally accused of any wrongdoing at this time.
In May 2011, SAC came under fire following a U.S. Senator calling on the Financial Industry Regulatory Authority (FINRA) to look into "suspicious" trading activity made by SAC. The inquiry followed a broader sweep of the industry over the last couple of years.
During the inquiry, it was said SAC made at least 18 trades in the past 11 years at or close to disclosure of market-moving news. (No word on whether Cohen was using his Streetinsider.com premium membership for the trades.)
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