Reuters: Stevie Cohen's SAC Capital involved in insider trading
- Thread starter wilburbear
- Start date
Seems the Press is very confident of their sources.
Hedge-Fund Giant Surfaces in Trading Probe
NOVEMBER 7, 2009
By SUSAN PULLIAM
http://online.wsj.com/article/SB125756405277235519.html?mod=WSJ_hpp_sections_tech
âThe widening investigation of insider trading on Wall Street is expected to examine transactions at Steven A. Cohenâs SAC Capital Advisors, one of Americaâs largest and most successful hedge funds, according to people familiar with the matter.
A plea agreement between the government and a cooperating witness in the investigation, Richard Choo Beng Lee, indicates that Mr. Lee has agreed to provide information to prosecutors about a hedge fund where he worked between 1999 and 2004. That firm is SAC, according to people familiar with the matter.
In March 2009, after striking the deal to assist the government, Mr. Lee sought to get rehired by Mr. Cohen, people familiar with the matter say. Mr. Cohen declined to hire Mr. Lee because he was suspicious about the recent and abrupt closure of Mr. Leeâs hedge fund, Spherix, these people say.
Under the plea agreement, which was signed on Oct. 13, 2009, and made public Thursday, Mr. Lee will tell the government about transactions by other SAC traders, a person familiar with the matter says. Mr. Leeâs lawyer, Jeffrey Bornstein, declined to comment about what information his client âhas or will be providing to the government.â
A spokesman for Mr. Cohen and SAC, which has assets of $12 billion, declined to comment.â
Hedge-Fund Giant Surfaces in Trading Probe
NOVEMBER 7, 2009
By SUSAN PULLIAM
http://online.wsj.com/article/SB125756405277235519.html?mod=WSJ_hpp_sections_tech
âThe widening investigation of insider trading on Wall Street is expected to examine transactions at Steven A. Cohenâs SAC Capital Advisors, one of Americaâs largest and most successful hedge funds, according to people familiar with the matter.
A plea agreement between the government and a cooperating witness in the investigation, Richard Choo Beng Lee, indicates that Mr. Lee has agreed to provide information to prosecutors about a hedge fund where he worked between 1999 and 2004. That firm is SAC, according to people familiar with the matter.
In March 2009, after striking the deal to assist the government, Mr. Lee sought to get rehired by Mr. Cohen, people familiar with the matter say. Mr. Cohen declined to hire Mr. Lee because he was suspicious about the recent and abrupt closure of Mr. Leeâs hedge fund, Spherix, these people say.
Under the plea agreement, which was signed on Oct. 13, 2009, and made public Thursday, Mr. Lee will tell the government about transactions by other SAC traders, a person familiar with the matter says. Mr. Leeâs lawyer, Jeffrey Bornstein, declined to comment about what information his client âhas or will be providing to the government.â
A spokesman for Mr. Cohen and SAC, which has assets of $12 billion, declined to comment.â
ahah all this is going to be very interesting , I might even watch
Gasbagrino again !
They are bound to find something fishy at that fund , I mean if you've read how they traded, these guys traded off the seats of their pants making calls here and there and they managed to get those outlandish returns for years !
Gasbagrino again !
They are bound to find something fishy at that fund , I mean if you've read how they traded, these guys traded off the seats of their pants making calls here and there and they managed to get those outlandish returns for years !