Emily's Feed
Aug 1, 2013

Factbox: Tourre verdict boosts SEC’s post-crisis trial record

NEW YORK (Reuters) – Holding people liable for roles they played in the 2008 financial crisis has not been easy for the U.S. Securities and Exchange Commission, which a jury ruled mostly for on Thursday in the civil fraud trial of former Goldman Sachs trader Fabrice Tourre.

The SEC says it has brought enforcement actions against 157 people and entities and collected $2.68 billion in penalties and other monetary judgments in response to the crisis. Only three of these cases have gone to trial, and the results, at best, are mixed.

Aug 1, 2013

Tourre verdict boosts SEC’s post-crisis trial record

NEW YORK, Aug 1 (Reuters) – Holding people liable for roles
they played in the 2008 financial crisis has not been easy for
the U.S. Securities and Exchange Commission, which a jury ruled
mostly for on Thursday in the civil fraud trial of former
Goldman Sachs trader Fabrice Tourre.

The SEC says it has brought enforcement actions against 157
people and entities and collected $2.68 billion in penalties and
other monetary judgments in response to the crisis. Only three
of these cases have gone to trial, and the results, at best, are
mixed.

Jul 30, 2013

Accused tipper to SAC hedge fund arrested in insider-trading probe

By Emily Flitter and Dan Levine

(Reuters) – A securities analyst accused of leaking secret information in 2009 about a potential partnership between Yahoo and Microsoft to an SAC Capital Advisors hedge fund manager and other traders was arrested and charged in California, prosecutors said on Tuesday.

Sandeep Aggarwal, who worked as an analyst covering technology stocks before moving to India to start his own internet company, was arrested on Monday by FBI agents in San Jose while visiting the United States. He made his initial appearance in San Francisco federal court on Tuesday, charged with conspiracy to commit securities fraud and wire fraud related to insider trading.

Jul 29, 2013

‘Real Housewives’ New Jersey couple facing fraud charges

NEW YORK (Reuters) – She was called a “dumb ass” on national television on Sunday, but things got worse for reality TV “Real Housewife” Teresa Guidice on Monday when she and her husband, Giuseppe, were charged with fraud and tax evasion.

The two cast members of “The Real Housewives of New Jersey” were indicted in U.S. District Court in New Jersey on a total of 39 charges, including bankruptcy fraud, making false statements on loan applications, bank fraud and conspiracy to commit mail and wire fraud, according to court filings.

Jul 26, 2013

SAC Capital pleads not guilty, but remains silent to investors

NEW YORK (Reuters) – Billionaire investor Steven A. Cohen’s hedge fund pleaded not guilty on Friday to insider trading charges in federal court, as investors in the roughly $15 billion fund awaited word on plans for the fund’s future.

Several SAC Capital Advisors LLP clients said they had yet to be contacted officially by the firm in an investor-wide call or note. Investors have until August 16 to decide if they will submit a redemption request to the fund. At least one client called, but could get no information.

Jul 25, 2013

Criminal case against SAC is strong: lawyers

NEW YORK (Reuters) – The decision by federal prosecutors to bring criminal charges against hedge fund SAC Capital Advisors LP, rather than its billionaire owner, Steven A. Cohen, makes it more likely that the government will be able to secure a guilty verdict, lawyers say.

Attorneys who are following the case said they believe prosecutors have met the standard for convicting a corporation under federal law.

Jul 25, 2013

U.S. charges SAC Capital with insider trading crimes

NEW YORK (Reuters) – Federal prosecutors came down hard on billionaire hedge fund manager Steven A. Cohen on Thursday, unveiling criminal fraud charges against his SAC Capital Advisors LP that could put an end to his investment career.

An indictment and a civil case seeking an asset freeze and criminal money laundering penalties, cap a seven year-long investigation of one of Wall Street’s most renowned firms amid a crackdown on insider trading that led to scores of convictions.

Jul 25, 2013

SAC indictment describes ‘insider trading group’ at Citadel: sources

NEW YORK (Reuters) – A former employee of SAC Capital Advisors’ Chicago office, Richard Lee, was once part of an “insider trading group” at a rival hedge fund, according to court filings, and a source familiar with the matter said the hedge fund Lee had worked for was Citadel Investment Group.

Charges filed in U.S. District Court in New York on Thursday against Steven A. Cohen’s SAC Capital describe the move Lee made from a hedge fund, identified only as “Hedge Fund A” to SAC, despite a warning that Lee “was known for being part of Hedge Fund A’s ‘insider trading group.’”

Jul 24, 2013

DOJ expects to charge SAC Capital on Thursday – source

NEW YORK (Reuters) – Federal prosecutors are continuing to look for ways to build a criminal case against billionaire trader Steven A. Cohen at the same time as they prepare to announce criminal charges against his hedge fund, said people familiar with the investigation.

Charges of securities fraud and wire fraud expected to be filed against the company on Thursday, according to a source familiar with the investigation.

Jul 24, 2013

DOJ’s decision on criminal charges against SAC Capital nears

NEW YORK (Reuters) – Federal prosecutors who have investigated hedge fund titan Steven A. Cohen for years on allegations of insider trading have decided they do not have enough evidence to get him, so they are going after his company instead.

The Manhattan U.S. Attorney’s office is nearing a decision about filing criminal charges against Cohen’s $15 billion SAC Capital Advisors hedge fund, said a person familiar with the matter.

    • About Emily

      "Based in New York covering financial crimes, including insider trading, investment scams, accounting fraud and financial firm misconduct."
    • Follow Emily