SAC Capital Netted $14 Million in Trading Flagged by Finra
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SAC Capital Advisors LP, the hedge fund run by billionaire Steven A. Cohen, made at least $14 million in the past 10 years on suspicious trades, according to the Financial Industry Regulatory Authority.
The brokerage industry’s self-regulatory body referred trades in 19 companies to the U.S. Securities and Exchange Commission for further investigation, according to Finra documents reviewed by Bloomberg News and to two people briefed on the matter. The hedge fund’s bets -- on stocks including Genentech Inc., ViroPharma Inc. and United Therapeutics Corp. - - drew Finra’s attention because they were made before market-moving events such as acquisitions and the release of clinical-trial results for new drugs.