Three technology stock traders have left the Boston office of Steven A. Cohen’s nearly $10bn family office over the last week in a new round of defections at a firm that is still dealing with the fallout from a significant insider trading investigation.
Point72 Asset Management LP, Steven A. Cohen’s family office and successor to his hedge-fund firm SAC Capital Advisors LP, is banning some of its employees from using instant messaging for external communication after last year agreeing to settle insider trading allegations.
Goldman Sachs which stood by Steven A. Cohen last year as his SAC Capital Advisors bore the brunt of a massive insider trading probe, has come to the billionaire’s aid again.
SAC Capital Advisors’ Michael Steinberg, convicted of insider trading in December, should be sentenced to no more than two years in prison, less than half the sentence recommended by the court’s probation department, his lawyers said.
Even when he loses, the billionaire investor Steven A. Cohen manages to find a way to win.
A powerful incentive.
SAC Capital Advisors urged a federal judge to approve its record $1.8bn insider-trading settlement with the government, saying the firm is 'deeply remorseful' for the illegal acts of its employees.
Federal regulators on Thursday announced the latest case to stem from the decade-long insider trading investigation into SAC Capital Advisors, taking aim at a former employee for prompting a number of illegal trades.
Former SAC Capital Advisors fund manager Mathew Martoma was portrayed by his lawyer as the victim of a 'rush to judgement' by prosecutors looking to use him to bring insider-trading charges against his former boss, Steven A. Cohen.
SAC Capital Advisors, synonymous with an insider trading scandal that has consumed the hedge fund industry, will soon cease to exist as Wall Street has known it.