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Point72 Asset Management Down One Speed Racer

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Paul Orwicz has left the building and maybe burned rubber peeling out of the parking lot.

...Orwicz, 46, said in a telephone interview that he resigned last week after his two-year contract with the firm, which manages Cohen’s fortune, lapsed and he’s now pursuing other opportunities within the hedge-fund industry. He said the driving incident was an “unfortunate coincidence” with his exit from Point72, and that he hoped to resolve the matter with the authorities. Orwicz was arrested Aug. 28 on charges of reckless driving, improper passing and disobeying a police officer signal while behind the wheel of the yellow McLaren in New Canaan, Connecticut, New Canaan News said on its website...

Orwicz was arrested after a police officer driving an unmarked car saw a yellow McLaren following him very closely, New Canaan News reported, citing police. Orwicz then drove past the vehicle, crossing a double yellow line, the newspaper said. The officer flashed his lights and stopped the McLaren. The officer radioed the supercar’s plate number to the police and as he prepared to leave his car to speak to the driver, Orwicz took off at high speed, New Canaan News said, citing a police report. Orwicz said in the telephone interview he was driving his McLaren 12C car during dark hours about a mile (1.6 kilometers) from his home when he approached a truck driving at about 20 miles per hour. He said he overtook the vehicle because it was driving slowly, and that the road had a damaged surface so traffic markings were unclear. Orwicz said he stopped his car after the unmarked truck flashed its lights. He said because there was a delay in the driver getting out of the unmarked vehicle, he drove away in fear of being carjacked.

Steve Cohen Money Manager Exits After McLaren Reckless-Driving Arrest [Bloomberg]

Earlier: >SAC* PM Asks Cops To Reserve House Calls For The Time He Kills A Guy Or Drives His Car Through Someone’s Living Room


Point72 Asset Management Pretty Sure Point72 Should Win An Award For Compliance Awesomeness

The hedge fund formerly known as SAC Capital complies like nobody's business.