Steve Cohen

As you’ve probably heard, yesterday afternoon Mathew Martoma née Thomas was sentenced to 9 years in prison for orchestrating “the most lucrative insider trading scheme ever” during his time at SAC Capital. Understandably upset and perhaps having also read the civil complaint in which their son’s boss was identified as “Portfolio Manager A,” mom and dad had this to say:

Speaking on the sidewalk outside the old federal courthouse in Lower Manhattan, Mr. Martoma’s parents said he had been wrongly convicted. The couple asked why Mr. Martoma’s former boss, Steven A. Cohen, the billionaire investor who founded SAC, was not also charged with insider trading if their son had done something wrong.

And also:

“…the man who made all the money is on a yacht, my son is going to jail.”

While there is obviously a touch of bias involved here, these statements seem relatively reasonable, whereas the arguments offered for why Martoma/Thomas was found guilty… Read more »

  • 21 Aug 2014 at 3:58 PM

Steve Cohen Betting On Steve Cohen

Now, people close to Cohen say he has quietly and methodically launched a multi-pronged effort to eventually make his full return to the hedge fund business, even if many legal experts say the odds are low that he will prevail. “I would say Steven Cohen’s chances are about as good as Michael Milken’s would be” for returning the securities business, said Columbia Law School professor John Coffee, referring to the tarnished junk bond pioneer. Still, Coffee added, “a lifetime ban allows you to reapply five years later for readmission,” meaning it’s not impossible. [FBN]

Something you probably know about Steve Cohen is that the last number of years have not been so kind to him. Almost a dozen of his employees have been charged with and convicted of securities fraud. The government won’t let him manage outside money. He had to rename his fund, rendering a warehouse full of SAC fleeces useless. No one will buy his apartment. The New York Times thinks his house is only 14,000 square feet. He just wrote a check for $848 million, money that could’ve gone toward Super Duper Weenie products or Guy Fieri cookbooks. It’d be enough to make anyone want to get into bed, pull the covers over their head, and shut out the world, which is exactly what Cohen was doing earlier this year.

So when his wife wanted to attend a little party in East Hampton this weekend, it surely took some convincing. “It’ll be good to get out, Steve,” she probably said. “I bet they’ll serve cocktail franks.” “Alec Baldwin will be there; you loved him in Glengarry Glen Ross and Along Came Polly.”

One or all of these temptations clearly struck a chord, and Cohen decided that yes, he would be nice to get out and mingle. Unfortunately, he didn’t realize that Bloomberg‘s exacting eye would be watching. Read more »

Apparently not everyone is interested in sticking around for the chance to manage Steve Cohen’s second cousins’ money, or for the new zip-ups and other assorted swag. Read more »

Despite the clouds looming over billionaire Steve Cohen for “rampant insider trading,” he appears as cozy as ever with New York Mets owner Fred Wilpon. Cohen and Wilpon both shelled out money to sponsor a baseball exhibit now on display at the National Museum of American Jewish History in Philadelphia, according to the museum’s Web site. Questions have arisen over whether Cohen’s recent legal woes might force him to sell his minority stake in the Mets. After all, the baseball empire was recently burned by its ties to Bernard Madoff, another troubled hedge-fund manager. But Cohen and Wilpon’s names are at the top of the lineup card of sponsors on display at the exhibit, titled “Chasing Dreams: Baseball and Becoming American” — suggesting there’s a kindred spirit. [NYP]

  • 06 Jun 2014 at 1:15 PM

Lawyer Watch ’14: Citi, Steve Cohen

It’s never good when you have to call the high-powered, high-hourly-rate attorneys in. And things are not good for Mike Corbat and Steve Cohen. Read more »

  • 03 Jun 2014 at 12:10 PM

Someone Still Believes In Steve Cohen

It may be the woman with whom he shares a marital bed, but every person counts. Read more »