A Securities and Exchange Commission judge said on Wednesday that she will restart administrative proceedings against hedge fund billionaire Steven Cohen following prosecutors' withdrawing their request for a two-year freeze imposed while they pursued criminal insider trading charges against his employees. Though Cohen himself didn’t face criminal charges, the SEC has been seeking civil penalties against him for allegedly lax oversight of the two accused employees.
SEC alleges Cohen failed to adequately supervise employees
As outlined by ValueWalk, SAC Capital agreed last year to settle insider trading allegations filed by the U.S. Securities and Exchange Commission against its unit CR Intrinsic for $600 million. The regulator alleged that...
Login required to continue reading.
Setup a free account to get access to this article (no credit card required).
View Full Article
