Monday, January 14, 2013

SEC closer to taking action against SAC Capital | Synopsis

SEC closer to taking action against SAC Capital

Hedge fund, stock-exchange, Shenzhen, China.JPG
Hedge fund, stock-exchange, Shenzhen, China.JPG by gruntzooki
License (according to Flickr): Attribution-ShareAlike License
Excerpt:

SAC Capital, a $14 billion hedge fund run by billionaire Steven A. Cohen, received a Wells notice from the SEC late last week, according to a source familiar with the situation. The SEC issues Wells notices to warn firms that they are likely to bring an action against them. Cohen and SAC's President Tom Conheeney informed SAC Capital's investors of the Wells notice on a conference call Wednesday morning, according to the source. A spokesperson for SAC Capital would not comment on the Wells notice or on details of the conference call. "Mr. Cohen and SAC are confident that they have acted appropriately and will continue to cooperate with the government's inquiry," the SAC spokesperson said. The SEC also declined to comment about the matter. Several SAC employees have already been charged with insider trading, including former portfolio manager Mathew Martoma.

People:

Steven A. Cohen

Overall Sentiment: 0.0900085

Relevance: 0.641377

Mathew Martoma

Overall Sentiment: -0.131695

Relevance: 0.29835

Aaron Smith

Overall Sentiment: 0

Relevance: 0.148333

Tom Conheeney

Overall Sentiment: 0

Relevance: 0.132407

Additional Info:

Company: SAC Capital

Overall Sentiment: 0.0155598

Relevance: 0.859098

Organization: SEC

Overall Sentiment: -0.144084

Relevance: 0.627818

Organization: SAC

Overall Sentiment: 0.0477544

Relevance: 0.375688

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