SAC Capital Alum Learns From The Mistakes Of You Know Who

Former SAC Capital Advisors LP chief operating officer Solomon “Sol” Kumin is close to lift off with the launch of a roughly $1 billion hedge fund. Mr. Kumin’s Folger Hill Asset Management LLC has raised about $1 billion as it looks to start trading in March, a person familiar with the firm said. His new employees include Lisa Baroni, a former U.S. Attorney who helped prosecute the Bernard Madoff Ponzi scheme. Ms. Baroni will head compliance for the new firm. [WSJ]