SAC Capital Advisors’ Steve Cohen has declined to testify before a grand jury against his hedge fund firm.
The New York Times reported that Cohen’s lawyers have informed the government that the hedge fund manager will “assert his constitutional right against self-incrimination.”
According to an earlier eVestment article, five SAC executives have been subpoenaed to testify regarding the firm’s insider trading activities, stemming from trades made by SAC employees in 2007 regarding drugmakers Elan and Wyeth, as well as computer maker Dell.
SAC, which has cooperated with authorities in its insider trading investigation in the past, told investors following the subpoenas that it will no longer fully collaborate with government officials in the matter.
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.