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Hedge fund manager Steven A. Cohen, founder và chairman of SAC Capital Advisors, responds lớn a question during a one-on-one interview session at the SkyBridge Alternatives (SALT) Conference in Las Vegas, Nevada May 11, 2011. bommobile.vn/Steve Marcus
Legal experts said the charges represented a strategic calculation by the SEC that some action had lớn be taken, but that the agency could over up struggling lớn prove its case.
The Securities & Exchange Commission charged Cohen, 57, with failing to lớn supervise former SAC Capital Advisors portfolio manager Mathew Martoma and SAC executive Michael Steinberg, both of whom face criminal và civil insider trading charges.
The civil administrative proceeding is the most serious challenge yet khổng lồ Cohen & his standing in the industry he helped build and which made him billions.
Several lawyers said that unlike federal prosecutors who have additional time to file criminal charges against Cohen, the SEC is bumping up against a five-year statute of limitations lớn bring civil charges stemming from its investigation.
“It would appear the commission, rather than doing nothing, feels it has to bởi vì something. This constitutes something,” said C. Evan Stewart, a partner at Zuckerman Spaeder in new york who is not involved in the case.
A spokesman for SAC Capital said the SEC’s administrative proceeding had no merit.
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“Steve Cohen acted appropriately at all times and will fight this charge vigorously,” said SAC’s Jonathan Gasthalter.
The timing of the five-member commission’s vote adds credence khổng lồ the idea that the SEC was scrambling.
The SEC did not vote on Cohen in a previously scheduled closed-door session it held on Thursday. Instead, the commissioners discussed charging Cohen at 9 a.m. Friday morning, according khổng lồ a person familiar with the commission’s activities.
A vote outside of the normal meeting time can come up if the SEC is racing to lớn beat the statute of limitations on filing a charge, the source said. Commissioner Troy Paredes was on a plane when the rest of the group met. He cast his vote when he landed in Texas.
The SEC charges stem from a six-year probe of Cohen và his $15 billion hedge fund by regulators and federal investigators in which nine one-time SAC employees have been charged or implicated.
Cohen, reputed khổng lồ be one of the best traders of his generation, has emerged as the primary focus of the federal government’s crackdown on insider trading in the $2.4 trillion hedge fund industry.
Chuyên mục: Tin Tức
