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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Steve Cohen Gets Subpoena-ed

May 20, 2013
Jing Chen

Steve Cohen is one of several SAC Capital Advisors executives who have received a subpoena to testify before a grand jury regarding his firm’s insider trading activities.

The New York Times reported that the subpoena, which was issued last week, suggests that federal prosecutors have escalated their efforts to build a case against Connecticut-based SAC and its executives.

The article added that SAC, which has cooperated with authorities in its insider trading investigation in the past, told investors on Friday that it will no longer fully collaborate with government officials in the matter.

eVestment previously reported that several SAC portfolio managers were hit by insider trading allegations, including Michael Steinberg and Mathew Martoma. Steinberg was charged last month for allegedly making over $1.4 million for the hedge fund trading on shares of computer maker Dell, Inc. and chipmaker Nvidia Corp. SAC recently shelled out approximately $602 million to settle insider trading charges involving Martoma, who allegedly made over $250 million for the firm using insider information he received regarding an Alzheimer disease drug trial.

Neither SAC nor Cohen has been charged with any wrongdoing.

With about 1,000 employees across five offices throughout the world, SAC manages about $15 billion in assets.

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