SAC Digs In as Deadline Nears for U.S. to File Insider Cases
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SAC Capital Advisors LP’s Steven Cohen is hunkering down as a deadline approaches for the federal government to file criminal or civil insider-trading cases against the billionaire hedge-fund manager.
A five-year statute of limitations will expire at the end of July for the U.S. Attorney in Manhattan to charge Cohen with illegally selling shares of two stocks based on tips received by Mathew Martoma, a former fund manager at his firm. The Securities and Exchange Commission, which won a record $602 million settlement with SAC Capital over the trades in March, also must move by July to sue Cohen personally.