Reuters: Stevie Cohen's SAC Capital involved in insider trading

Discussion in 'Wall St. News' started by wilburbear, Nov 6, 2009.

  1. You're just trying to cheer me up.
     
    #11     Nov 7, 2009
  2. Terrible to see such envy of great men.
    [​IMG]
    ahem
     
    #12     Nov 7, 2009
  3. 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

    “The widening investigation of insider trading on Wall Street is expected to examine transactions at Steven A. Cohen’s SAC Capital Advisors, one of America’s 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. Lee’s 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. Lee’s lawyer, Jeffrey Bornstein, declined to comment about what information his client “has or will be providing to the government.”

    A spokesman for Mr. Cohen and SAC, which has assets of $12 billion, declined to comment.”
     
    #13     Nov 7, 2009
  4. 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 !
     
    #14     Nov 10, 2009


  5. Something ?


    Expect a lot , Steve's edge has a lot to do with insider info and getting analysts upgrade, downgrades as the first one, has little to do with sophisticated technical set-up's ...
     
    #15     Nov 10, 2009
  6. well I didn't want to imply too much , the gentleman running the fund could easily afford to sue all of us for libel !! :eek:
     
    #16     Nov 10, 2009

  7. He can try to sue me, no problem ,he might win in court BUT HE WILL NEVER GET 1 DIME ...most of what I "have" is not even in my name (You don't need to be called SC or George Soros to structure things this way)
     
    #17     Nov 10, 2009
  8. You don't think the Feds have a file a mile thick? You don't think all the people he, how shall I say, intimidated, aren't spilling their guts??

    This guy goes all the way back to Gruntal 30 years ago. This is going to like watching a cat unwind a ball of yarn.
     
    #18     Nov 10, 2009
  9. This sounds juicy.

    He must know a lot if he's been there 4-5 years.
     
    #19     Nov 10, 2009
  10. zdreg

    zdreg


    u are another delusional ET poster. perhaps u are one of the many yahoo financial chat board posters who puts x's and *'s into the writings that he copies and pastes. The fear is that somebody is going after the little twirt for copyright infringement.

    your post was just joking around .
     
    #20     Nov 10, 2009