Hedge Fund News From HedgeCo.Net

Cohen Subpoenaed to Testify In Hedge Fund Fraud Case

Cohen VIA Minh Uong/The New York TimesNew York (HedgeCo.Net)  – Hedge fund billionaire Steven A. Cohen has been subpoenaed  to testify before a grand jury in an SEC insider trading investigation into his hedge fund, SAC Capital Advisors.

Private-equity giant Blackstone Group, the hedge fund’s largest outside investor, has made preparation to withdraw $200 million to $300 million from SAC, The Wall Street Journal reported. Blackstone had about $550 million invested in SAC as of March, the paper said.

SAC last week sent a letter to investors saying  its cooperation with the government probe is “no longer unconditional.” nine current or former employees have been implicated in a long-running probe into insider trading.

Alex Akesson
For HedgeCo.net
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