SEC Sues SAC's Cohen Over $277M Insider Trading Scheme

Law360, New York (July 19, 2013, 2:54 PM EDT) -- The U.S. Securities and Exchange Commission has sued SAC Capital Advisors LP owner Steven A. Cohen for allegedly failing to supervise two senior employees at the hedge fund accused of earning more than $277 million through insider trading, the agency said Friday.

The administrative suit ends months of speculation over whether the SEC would take action against Cohen as part of a sprawling investigation into allegedly suspicious trading at Stamford, Conn.-based SAC. The agency has already reached a $600 million settlement with the firm, which did...
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