SEC fines SAC Capital $614m over insider trading The hedge fund founded by US billionaire Steven Cohen has agreed to pay a record $614m (£410m) as part of a settlement over claims that two of its affliates used inside information to make trades that created millions of dollars in profits. By Harry Wilson7:40PM GMT 15 Mar 2013 http://www.telegraph.co.uk/finance/...es-SAC-Capital-614m-over-insider-trading.html Ouch.....
Makes a complete mockery of the law. Corrupting the system heavily (causing both small investors and traders combined losses in millions), ending up paying less than 6 months pay in penalties.
its the way the business always has been and always will be. nothing to complain about, unless you are a blue collar worker who believes in a fair shake and square deals. those guys get screwed always.
Cohen had articles written about him, with quotes directly attributed to him, saying that he paid for full service brokerage accounts because he wanted to get the inside line on things. I recall that from years ago because at the time it seemed a little odd that he would want an attitude/trade secret like that to be in the public's eye. That might have encouraged employees to think that it would be ok to trade on insider info?
SEC tried to bury the news release on a Friday afternoon. Clearly embarrassed and ashamed as they should be. Stevie's lawyers are better, period.
Legalize insider trading. With the proliferation of internet/cellphones it's practically impossible to prevent insider trading. https://www.cnbc.com/id/43471561