SAC’s Cohen Told SEC Hedge Fund Friend Advised Wyeth Share Sale

Bloomberg – SAC Capital Advisors LP founder Steven Cohen told U.S. regulators a decision to sell shares at the heart of a $276 million dollar insider-trading case going to trial next month was based on advice from outside his firm.

Lawyers for former SAC fund manager Mathew Martoma, who is accused of persuading Cohen to sell shares of two drugmakers based on illegal tips, made public 40 pages from a 253-page transcript of Cohen’s day-long deposition last year in an investigation by the U.S. Securities and Exchange Commission. Martoma argues that the previously undisclosed testimony shows he wasn’t involved in Cohen’s decisions to sell Wyeth and then short shares of Wyeth and Elan Corp.

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