Firing Watch '15: People Found Guilty Of Speaking To/IMing With/Thinking About An Employee Of Point72 Asset Management

It's unclear if this new rule will remain a policy exclusive to BlueCrest Capital Management or if it will go industry-wide.
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As you may have heard, the last number of years of been a bit rough on the reputation of the hedge fund formerly known as SAC Capital. A gaggle of employees were convicted of securities fraud. Its founder, Steve Cohen, had to write the government a 10-figure check. Outside money was returned, with only Cohen's and that of people related to Cohen remaining. Even the name-- SAC Capital-- was deemed too tainted to keep on the letterhead, in the lobby, and on the sign out front, and the clinical "Point72 Asset Management" was adopted. With all of these deeply painful changes, one might have thought that Cohen and Team P72AM had repented enough. But apparently such is not the case. In fact, the firm might as well have kept its name or changed it to something like "Yeah, we did it and we'll do it again Capital Management," because apparently that's the way it's still scene. As harboring employees who are perpetually two shakes of a lamb's tail from insider trading, and with whom other firms will not allow their employees to be seen.

Nicholas O’Grady, 36, was dismissed six months into a stint at the hedge fund after sharing information with Point72 Asset Management’s David J. Blanc, 38, in instant messages that BlueCrest deemed inappropriate, the people said. O’Grady, who says he was fired without cause, sued BlueCrest last month over an unpaid bonus. He found a new job at a firm that said it conducted an extensive review of his termination and found no reasons for concern. The decision by BlueCrest, which is run by Michael Platt and oversees $14 billion, shows the increasingly low tolerance some hedge funds have for traders who share information, especially after a series of insider-trading convictions and market-rigging allegations that shook Wall Street in recent years. SAC Capital Advisors, the predecessor to Point72, last year paid a record fine to settle U.S. charges of securities fraud and stopped managing money for outside clients.

Nicholas O’Grady, 36, was dismissed six months into a stint at the hedge fund after sharing information with Point72 Asset Management’s David J. Blanc, 38, in instant messages that BlueCrest deemed inappropriate, the people said. O’Grady, who says he was fired without cause, sued BlueCrest last month over an unpaid bonus. He found a new job at a firm that said it conducted an extensive review of his termination and found no reasons for concern.
The decision by BlueCrest, which is run by Michael Platt and oversees $14 billion, shows the increasingly low tolerance some hedge funds have for traders who share information, especially after a series of insider-trading convictions and market-rigging allegations that shook Wall Street in recent years. SAC Capital Advisors, the predecessor to Point72, last year paid a record fine to settle U.S. charges of securities fraud and stopped managing money for outside clients.

BlueCrest Trader Gets Fired for Sharing Information with Steve Cohen's Firm [Bloomberg]

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