SAC’s Compliance Officer Steps Down For ‘Family’ Reasons

Steven L Kessler, chief compliance officer at SAC Capital, is laying down office at the scandal-ridden hedge fund after nine years on the job.

SAC is currently in the process of converting to a family office, having closed its doors to outside money. The restructuring of the firm came after it pleaded guilty to insider trading last year and agreed to pay $1.8B to settle the charges. Nine of SAC’s employees were found or pleaded guilty in the insider trading investigations. However, according to the U.S., the firm’s internal compliance watchdog had been able to identify only one suspected insider trading episode in its history.