Steven A. Cohen, the billionaire investor, is looking to hire a former prosecutor or securities regulator to monitor trading at his investment firm in the wake of the federal government’s insider trading investigation. Mr. Cohen’s SAC Capital Advisors hedge fund, which pleaded guilty to securities fraud in November, is in the process of converting to a family office that will manage mainly $9 billion of his personal wealth. The firm announced its intention to hire a chief surveillance officer to monitor trading in a letter to employees on Tuesday. The firm expects to fill the newly created position in the spring…The letter to employees also described how SAC, after converting to a family office, would consolidate several operating divisions and would announce a new name for the firm sometime in April. [Dealbook]
Wanted: Former Prosecutor To Help Prevent Future Prosecutions Of Whatever SAC Capital Is Gonna Be Called As Of AprilBy Bess Levin
Dealbook reports that Mary Schapiro has given official notice and come December 14th, she’s out of there. Names being floated as possible successors are said to include Sallie Krawcheck and the SEC’s director of enforcement, Robert Khuzami, but on the off-chance they’re not interested, want to throw yours or a loved one’s C.V. in the mix? Update: Apparently Obama plans to nominate Elisse Walter, an SEC commissioner and former FINRA VP, to take over. So you’ve probably got less of a shot at this point but anything can happen!
According to an incredibly distressing report by Bloomberg today, Richard Kimball Jr., he of topless pool parties, topless and bottom-less Halloween parties, and what sound like orgies in the backyard-fame, is no longer a partner at the firm. Read more »