Business & Tech
Billionaire Cohen of SAC Capital is Target of Federal Lawsuit
A federal prosecutor filed a lawsuit against Greenwich resident Steven Cohen, founder of SAC Capital Advisors.
Billiionaire Steven Cohen, founder of the Stamford-based SAC Capital Advisors, was named in a federal lawsuit filed Friday that accuses him of failing to supervise two traders.
Those traders are now facing trial on insider trading charges, according to a report in The New York Post.
The lawsuit accuses Cohen, who lives in Greenwich, of failing “to take reasonable steps to investigate and prevent” securities violations, according to the story.
Earlier this year, SAC settled a suit with the Securities and Exchange Commission, paying a $615 million fine for trading violations. The latest legal action seeks to bar Cohen from managing investor money. SAC Capital has a reported $15 billion in assets—half of which belong to Cohen.
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