insider-trading

  • 16 Apr 2014 at 4:40 PM

Steve Cohen Needs Your Best Trade Ideas

He’s got 90 days to make his fine back. Can he do it? With your help, he just might. Read more »

Ex-SAC Capital PM Mike Steinberg seemed pretty surprised when he was found guilty of insider trading.

Ms. Williams recalled the day when Michael S. Steinberg, a portfolio manager at the hedge fund SAC Capital Advisors, was brought before a Manhattan judge to be read the insider trading charges against him. The police escorted him, in handcuffs, into the Lower Manhattan courthouse through the main elevators rather than the usual back way leading into the courtroom. When Mr. Steinberg emerged from the main elevators, there was a look of utter shock on his face. “Being caught is so out of their wildest dreams,” she said.

Danielle Chiesi was a vision in pink. Read more »

  • 10 Apr 2014 at 12:50 PM

Judge Shows Mercy On SAC Capital

$1.8 billion fine and not a penny more, probably. Read more »

…on Thursday, U.S. District Judge Laura Swain is scheduled to punctuate the firm’s remarkable downfall when she rules on its plea to criminal insider-trading charges. If Judge Swain accepts the plea, as expected, the firm will pay an additional $1.2 billion in penalties, including the largest criminal fine ever in an insider-trading case. Since the guilty plea last November, portfolio managers who oversaw more than 10% of SAC’s capital have either left or announced plans to leave, according to people familiar with the firm’s operations. “How could I tell my kids I stayed at a firm that admitted to insider trading?” said one former employee. [WSJ]

Remember Frank Perkins Hixon Jr.? Made something of a name for himself when he became the first Evercore employee in history to be accused of insider trading, which he apparently did in part to raise funds to support the child he had with Destiny Wind Robinson? He may be going away for a while. Also, he’s sorry. Read more »

Ching Hwa Chen and Tyrone Hawk know what we’re talking about. Read more »

  • 28 Mar 2014 at 12:42 PM

SAC Capital Throws Itself Upon The Mercy Of The Court

They’ve changed their name. They’ve given back the money. They’ve cried it out atop the fleeces. What other lessons could possibly be learned? Don’t make Steve Cohen walk up and down Park Avenue wearing a sandwich board that reads “I employ insider traders” on the front and “LOTS of ‘em” on the back.1 Read more »