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SAC: Hedge Fund Billionaire Escapes Prosecution

stevecohensacNew York (HedgeCo.Net) – The billionaire hedge fund manager of SAC Capital won’t face any charges as the prosecution has decided that there isn’t enough evidence against him, WSJ reports.

It seems that Steven Cohen has beat the statute of limitations for prosecution from the allegedly massive insider-trading scheme run by one of his portfolio managers, Mathew Martoma. Last week Cohen pleaded the 5th, declining to testify before a grand jury in the recent slate of insider trading allegations against traders at his firm.

Since the investigation started nine traders current or former SAC employees have been linked to insider trading while working at SAC Capital, four of whom pleaded guilty.

Cohen has already paid a $616 million fine. Steven Cohen is said to be considering an agreement where SAC Capital Advisors LP would close the firm and admit wrongdoing. The hedge fund would not be prosecuted unless it broke the law again.

Alex Akesson
Editor for HedgeCo.net
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