Posted: Jan 09, 2014 3:02 am
by kennyc
Just watched Frontline - To Catch a Trader. This man is scum preying on the country and the people.

http://www.pbs.org/wgbh/pages/frontline ... -a-trader/

Steven Cohen Appears Oblivious to Insider Trading Law
By William D. Cohan Jan 5, 2014 6:02 PM MT 40 Comments Email Print

You’ve got to figure that if the Justice Department had the goods on Steven A. Cohen, the billionaire hedge-fund manager, we would know about it by now. For years, the U.S. has been investigating allegations that Cohen’s SAC Capital Advisors LP is little more than a sandbox for insider traders. Cohen, the ultimate prize, has so far evaded Justice’s clutches.

Still, the investigation by Preet Bharara, the U.S. attorney in Manhattan, has yielded a jackpot of wrongdoing: Six former SAC employees have pleaded guilty to securities fraud; a seventh, Michael Steinberg, was found guilty in December of five counts of securities fraud and conspiracy; and the trial of an eighth, Mathew Martoma, is set to begin Jan. 7.

Cohen agreed to settle Bharara’s long-running insider-trading investigation against the firm (as opposed to its employees) by paying a record $1.8 billion fine, most of which is likely to come out of Cohen’s pocket. The Securities and Exchange Commission has also charged Cohen with failing to supervise his employees.

All this litigation has left SAC’s reputation in tatters. It now manages only Cohen’s considerable fortune, estimated by the Bloomberg Billionaires Index at $8.7 billion (without deducting his agreed-upon fine), and no longer manages outsiders’ money. In 2008, SAC had more than $16 billion in assets. This can hardly be the future Cohen envisioned. A Frontline documentary, “To Catch a Trader,” to air Jan. 7 on PBS stations, makes clear that Cohen has no one but himself to blame.
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http://www.bbc.com/future/story/2014010 ... far-future