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Jan 11, 2013

JPMorgan faces action on laundering controls

NEW YORK (Reuters) – U.S. regulators are expected to order JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) to correct lapses in how it polices suspect money flows, two people familiar with the situation said, in the latest move by officials to force banks to tighten their anti money-laundering systems.

The action against JPMorgan, which is expected as soon as Friday, would be in the form of a cease-and-desist order, which regulators use to force banks to improve compliance weaknesses, the sources said. JPMorgan will probably not have to pay a monetary penalty, one of the sources said.

Jan 11, 2013

Exclusive: JP Morgan faces U.S. order to improve compliance – sources

NEW YORK (Reuters) – A U.S. regulatory probe of JP Morgan Chase & Co is expected to result in an order that the bank correct lapses in how it polices suspect money flows, in an action expected as soon as Friday, people familiar with the situation said.

The action would be in the form of a cease-and-desist order, which regulators use to force banks to improve compliance weaknesses, the sources said.

Jan 11, 2013

JP Morgan faces U.S. order to improve compliance-sources

NEW YORK, Jan 11 (Reuters) – A U.S. regulatory probe of JP
Morgan Chase & Co is expected to result in an order that
the bank correct lapses in how it polices suspect money flows,
in an action expected as soon as Friday, people familiar with
the situation said.

The action would be in the form of a cease-and-desist order,
which regulators use to force banks to improve compliance
weaknesses, the sources said.

Jan 9, 2013

Former SAC analyst who cooperated with probe gets probation

NEW YORK (Reuters) – A former hedge fund consultant who cooperated with the government’s sprawling insider trading probe was sentenced to two years probation on Wednesday by a federal judge.

U.S. District Judge Jed Rakoff sentenced Wesley Wang in an afternoon proceeding during which the judge said, “the extent of Mr. Wang’s cooperation goes beyond that of most cooperators.”

Jan 4, 2013

New rule could turn US hedge funds into informers

NEW YORK, Jan 4 (Reuters) – U.S. financial regulators are
pushing to turn hedge funds into informers on the white collar
crime beat.

The Financial Crimes Enforcement Network (FinCEN) is working
on a rule that would require U.S. hedge funds to file formal
reports notifying U.S. authorities of any suspicious trading by
employees or outside parties, the regulatory agency said.

Jan 4, 2013

New rule could turn U.S. hedge funds into informers on fraud

NEW YORK (Reuters) – U.S. financial regulators are pushing to turn hedge funds into informers on the white collar crime beat.

The Financial Crimes Enforcement Network (FinCEN) is working on a rule that would require U.S. hedge funds to file formal reports notifying U.S. authorities of any suspicious trading by employees or outside parties, the regulatory agency said.

Dec 21, 2012

Ex-SAC fund manager indicted in insider trading scheme

NEW YORK, Dec 21 (Reuters) – Federal prosecutors on Friday
lost one opportunity to build a case against hedge fund manager
Steven A. Cohen when a grand jury indicted one of Cohen’s former
employees on charges related to an insider trading scheme,
severely reducing the possibility that he would cooperate as a
witness against Cohen.

The grand jury in New York returned an indictment against
Mathew Martoma, a former portfolio manager at CR Intrinsic
Investors, one of SAC Capital Management’s funds, in what
prosecutors have called the “most lucrative” insider trading
scheme ever.

Dec 19, 2012

SAC Capital’s top consumer trader draws U.S. scrutiny

NEW YORK (Reuters) – U.S. authorities are examining trading by one of SAC Capital Advisors’ most successful portfolio managers, Gabriel Plotkin, as part of a probe into the $14 billion hedge fund firm’s investment in Weight Watchers International Inc last year, according to a person familiar with the investigation.

Plotkin, a specialist in consumer and retail stocks who makes investment decisions for more than $1.2 billion worth of assets, is among several SAC portfolio managers whose trades are being investigated, said the source, who did not want to be identified. The source would not name the other managers.

Dec 19, 2012

SAC’s top consumer trader draws U.S. scrutiny

NEW YORK, Dec 19 (Reuters) – U.S. authorities are examining
trading by one of SAC Capital Advisors’ most successful
portfolio managers, Gabriel Plotkin, as part of a probe into the
$14 billion hedge fund firm’s investment in Weight Watchers
International Inc last year, according to a person
familiar with the investigation.

Plotkin, a specialist in consumer and retail stocks who
makes investment decisions for more than $1.2 billion worth of
assets, is among several SAC portfolio managers whose trades are
being investigated, said the source, who did not want to be
identified. The source would not name the other managers.

Dec 19, 2012

SAC’s top consumer trader draws scrutiny from U.S. authorities

NEW YORK, Dec 19 (Reuters) – U.S. authorities are examining
trading by one of SAC Capital Advisors’ most successful
portfolio managers, Gabriel Plotkin, as part of a probe into the
$14 billion hedge fund firm’s investment in Weight Watchers
International Inc last year, according to a person
familiar with the investigation.

Plotkin, a specialist in consumer and retail stocks who
makes investment decisions for more than $1.2 billion worth of
assets, is among several SAC portfolio managers whose trades are
being investigated, said the source, who did not want to be
identified. The source would not name the other managers.

    • About Emily

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