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Jun 6, 2013

Analysis: SAC insider-trading probe could last years

NEW YORK (Reuters) – The conventional wisdom on Wall Street is the clock is running out for U.S. prosecutors to make a case against billionaire trader Steven A. Cohen and his hedge fund SAC Capital Advisors after years of investigation.

There is a legal prohibition against filing criminal charges based on an instance of insider trading more than five years old, and two of the sets of trades viewed by legal analysts as having the best chances of leading prosecutors to Cohen were made five years ago, in July and August of 2008.

Jun 6, 2013

SAC insider-trading probe could last years

NEW YORK, June 6 (Reuters) – The conventional wisdom on Wall
Street is the clock is running out for U.S. prosecutors to make
a case against billionaire trader Steven A. Cohen and his hedge
fund SAC Capital Advisors after years of investigation.

There is a legal prohibition against filing criminal charges
based on an instance of insider trading more than five years
old, and two of the sets of trades viewed by legal analysts as
having the best chances of leading prosecutors to Cohen were
made five years ago, in July and August of 2008.

Jun 5, 2013

Global $200 million credit card hacking ring busted

NEW YORK (Reuters) – Eleven people in the United States, the UK and Vietnam have been arrested and accused of running a $200 million worldwide credit card fraud ring, U.S. and UK law enforcement officials said on Wednesday.

“One of the world’s major facilitation networks for online card fraud has been dismantled by this operation, and those engaged in this type of crime should know that they are neither anonymous, nor beyond the reach of law enforcement agencies,” Andy Archibald, interim Deputy Director of the National Cyber Crime Unit, said in a statement on the British government’s Serious Organized Crime Agency website. (here)

May 31, 2013

Digital currency firms rush to adopt anti-money laundering rules

LOUIS (Reuters) – These are unsettling times for digital currency businesses and the venture capitalists backing them.

On Tuesday, authorities in Spain, Costa Rica and New York arrested five people at the digital currency firm Liberty Reserve, including its founder Arthur Budovsky, and seized related bank accounts and Internet domains.

May 29, 2013

U.S. accuses currency exchange of laundering $6 billion

NEW YORK (Reuters) – U.S. prosecutors have filed an indictment against the operators of digital currency exchange Liberty Reserve, accusing the Costa Rica-based company of helping criminals around the world launder more than $6 billion in illicit funds linked to everything from child pornography to software for hacking into banks.

The indictment unsealed on Tuesday said Liberty Reserve had more than a million users worldwide, including at least 200,000 in the United States, and virtually all of its business was related to suspected criminal activity.

May 28, 2013

U.S. shuts digital money system it suspects of cyber-criminal links

NEW YORK/ST LOUIS, May 28 (Reuters) – U.S. authorities
revealed on Tuesday they have shut down a Costa Rica-based money
transfer company that they said provided a digital currency
system widely used around the world by cyber-criminals.

In a statement, officials said authorities in Spain, Costa
Rica and New York arrested five people on Friday and seized bank
accounts and Internet domains associated with the company,
Liberty Reserve.

May 28, 2013

U.S. shuts alleged cyber-criminal money transfer system

NEW YORK (Reuters) – U.S. authorities said on Tuesday they have shut down a Costa Rica-based money transfer company that allegedly provided a digital currency widely used around the world by cyber-criminals.

In a statement, officials said authorities in Spain, Costa Rica and New York arrested five people on Friday and seized bank accounts and Internet domains associated with the company, Liberty Reserve.

May 23, 2013

SAC lawyers met with prosecutors to argue against charges: sources

NEW YORK (Reuters) – Lawyers for SAC Capital Advisors called a meeting with U.S. prosecutors and FBI agents in April to argue that there should be no insider trading charges filed against the $15 billion hedge fund or its founder, Steven A. Cohen, according to sources familiar with the matter.

Lawyers for the firm made an “aggressive presentation,” according to the sources, reviewing the government’s investigation in detail to support their claim that the government did not have enough evidence to charge Cohen.

May 22, 2013

U.S. prosecutors consider using racketeering law against SAC – source

NEW YORK (Reuters) – U.S. prosecutors are considering charging Steven A. Cohen’s SAC Capital Advisors as a criminal enterprise engaged in a long pattern of insider trading in stocks, according to a person familiar with the matter.

Prosecutors may use the Racketeer Influenced and Corrupt Organizations Act, most commonly associated with prosecutions against the mafia, to move against Cohen’s $15 billion (9.9 billion pounds) hedge fund company, said the person, who spoke on condition of anonymity.

May 21, 2013

Prosecutors consider using racketeering law against SAC: source

NEW YORK (Reuters) – Prosecutors are considering charging Steven A. Cohen’s SAC Capital Advisors as a criminal enterprise engaged in a long pattern of insider trading in stocks, according to a person familiar with the matter.

Prosecutors may use the Racketeer Influenced and Corrupt Organizations Act, most commonly associated with prosecutions against the mafia, to move against Cohen’s $15 billion hedge fund company, said the person, who spoke on condition of anonymity.

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