SEC Finally Goes Right at Steven A. Cohen
SEC Finally Goes Right at Steven A. Cohen
WASHINGTON (CN) - The SEC charged hedge fund billionaire Steven A. Cohen with failing to supervise inside-trading employees at S.A.C. Capital Advisors.
The financial world has watched for month as the SEC drew rings around Cohen, 57, of Greenwich, Conn. The agency charged three employees of SAC and/or affiliates of conspiracy to commit securities fraud, and one has pleaded guilty.
Matthew Martoma, 39, of Boca Raton, was charged in December 2012 with securities fraud and conspiracy. Martoma was a portfolio manager at SAC's wholly owned subsidiary, CR Intrinsic investors, which has, or had, $2.8 billion under management.
Michael Steinberg, 40, of New York City, was criminally charged in March this year with securities fraud and conspiracy. He was a portfolio manager at SAC's wholly owned subsidiary, Sigma Capital Management.
Jon Horvath, 43, of San Francisco, pleaded guilty in September 2012 to securities fraud and conspiracy. He worked at Sigma and reported to Steinberg.
Cohen, whose net worth is estimated at $9 billion, essentially kept his mouth shut since the SEC began moving in on his employees. He made news in March this year when he paid $155 million for a Picasso painting, and another $60 million for a house in the Hamptons.
http://www.courthousenews.com/2013/07/22/59547.htm
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