2014: Not a good year to be named Steve A. Cohen. For any expecting parents out there thinking about going with S.A.C., consider Bill or Ted instead. Moving forward perhaps thing one should fall under names we don’t give kids anymore, like Mussolini or Stalin.
A former NBTY Inc director and four co-defendants have agreed to pay more than $500,000 to settle charges that they used illegal tips to trade in the vitamin maker’s stock before it was acquired by Carlyle Group LP for $4 billion in 2010. The deal resolves allegations brought by the U.S. Securities and Exchange Commission that Glenn Cohen, a former NBTY board member, learned that Carlyle was in negotiations to buy the company and shared the information with his brothers and a brother’s girlfriend. The five defendants reaped $175,000 in illicit profits as a result of insider trading, according to the SEC.
Besides Glenn Cohen, the SEC sued his brothers, Craig, Marc and Steven, as well as Laurie Topal.