April 8 (Bloomberg) -- Billionaire Steve Cohen hired Vincent Tortorella as chief surveillance officer for Point72 Asset Management LP, the family office that oversees Cohen’s wealth after the closing of his SAC Capital Advisors LP hedge-fund firm.
Tortorella starts today and will report to Tom Conheeney, president of Stamford, Connecticut-based Point72, according to a memo sent to employees.
“You may recall last month we told you we intend to heighten our emphasis on surveillance and to add someone with outstanding investigative skills, preferably honed in law enforcement, to lead this effort,” Conheeney wrote in the memo. “Vinny brings precisely that background and skill set with him.”
SAC pleaded guilty in November to securities fraud and agreed to pay $1.8 billion to settle U.S. allegations of insider trading. As part of the settlement, founder Cohen, 57, consented to closing his firm to outside investors and returning client money. Eight former employees have pleaded guilty or been convicted of using confidential and material information to profit, and two have settled with federal regulators without admitting or denying wrongdoing.
A former assistant U.S. attorney from the Southern District of New York and the Department of Justice’s criminal division in Washington, Tortorella was most recently the general counsel and head of proprietary research at Coatue Management LLC, a New York-based hedge fund.
The hire was reported earlier today by the New York Times.
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