Arab Today, arab today sac\s cohen charged with bad trading oversight
Last Updated : GMT 13:01:46
Arab Today, arab today
Arab Today, arab today

SAC\'s Cohen charged with bad trading oversight

Arab Today, arab today

Arab Today, arab today SAC\'s Cohen charged with bad trading oversight

New York - AFP

The US Securities and Exchange Commission Friday charged SAC founder Steven Cohen with failure to adequately supervise two employees who have been charged with insider trading. Cohen, founder and chief of SAC Capital Advisors, one of the largest hedge funds on Wall Street, did not act on several \"red flags\" that should have led to questions about whether the two senior portfolio managers were acting on non-public information, the SEC said. The two men, Mathew Martoma and Michael Steinberg, both reported to Cohen. Both have been charged by the SEC. The Justice Department has also launched criminal proceedings against the two men. \"Hedge fund managers are responsible for exercising appropriate supervision over their employees to ensure that their firms comply with the securities laws,\" said Andrew Ceresney, co-director of the SEC\'s Division of Enforcement. \"After learning about red flags indicating potential insider trading by his employees, Steven Cohen allegedly failed to follow up to prevent violations of the law.\" The SEC said it would seek to bar Cohen from overseeing investor funds. An order issued by the agency sought an administrative law proceeding. An SAC spokesman said the SEC\'s charges have \"no merit\" and Cohen will \"vigorously\" contest the matter. \"Steve Cohen acted appropriately at all times,\" the SAC spokesman said. \"The SEC ignores SAC\'s exceptional supervisory structure, its extensive compliance policies and procedures, and Steve Cohen\'s strong support for SAC\'s compliance program.\" The SEC\'s civil charges are the latest actions by a US agency against Cohen and his hedge fund related to insider trading charges. Cohen, who long has been in the sights of regulators, has consistently denied wrongdoing. In March, the SEC announced a record $600 million insider trading settlement with SAC affiliate CR Intrinsic to resolve charges that it earned massive profits on confidential information involving the clinical trial of an Alzheimer\'s drug. A second $14 million settlement announced the same day ended charges that a second SAC affiliate, Sigma Capital Management, traded on non-public information about the quarterly earnings of Dell and Nvidia. Cohen, the SEC said Friday, received recommendations on trades from Martoma about an Alzheimer\'s drug jointly developed by Elan and Wyeth that seemed to be based on conversations with a doctor who had provided \"potentially non-public information\" about a drug trial. \"Cohen displayed no concern that Martoma might possess non-public information or about his use of such information to inform investment decisions at his firm,\" the SEC said. \"Instead, Cohen encouraged Martoma to talk further with a doctor familiar with the clinical trial.\" In the Steinberg case, Cohen was looped into a \"highly suspicious\" email about Dell\'s upcoming earnings release. Instead of questioning Steinberg, Cohen liquidated his Dell shares based on Steinberg\'s recommendations, avoiding losses of at least $1.7 million when the earnings disappointed, according to the SEC. The SEC said it will seek to bar Cohen from overseeing investor funds. An order issued by the agency sought an administrative law proceeding.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sac\s cohen charged with bad trading oversight Arab Today, arab today sac\s cohen charged with bad trading oversight

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sac\s cohen charged with bad trading oversight Arab Today, arab today sac\s cohen charged with bad trading oversight

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Saudi witnessing a remarkable growth

GMT 09:57 2017 Saturday ,23 September

Saudi witnessing a remarkable growth
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today US-made bomb used in fatal strike

GMT 10:16 2017 Saturday ,23 September

US-made bomb used in fatal strike
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday