Steven Cohen to Remain on Robin Hood’s Board Amid CaseKelly Bit
Steven A. Cohen, the billionaire whose hedge-fund firm SAC Capital Advisors LP agreed to plead guilty to securities and wire-fraud charges, will stay on the board of the Robin Hood Foundation, the organization said.
“Steve is a valued and thoughtful member of Robin Hood’s board, and his leadership and generosity over the past nine years have benefited countless New Yorkers in need,” the group, which fights poverty in the city, said today in an e-mailed statement.
SAC, indicted this year and accused of operating an insider-trading conspiracy stretching back to 1999, agreed on Nov. 4 to pay a record $1.8 billion and shutter its investment advisory business. The company reaped hundreds of millions of dollars in illicit profit, according to federal prosecutors. Cohen, 57, who wasn’t charged in the indictment of his Stamford, Connecticut-based firm, still faces an administrative action filed by the U.S. Securities and Exchange Commission for alleged failure to supervise SAC’s activities.
Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley are among Wall Street firms still providing trading and prime-brokerage services to SAC, said people briefed on the matter, who requested anonymity when discussing specific clients. Prime-brokerage services include securities lending, trade clearing and assistance with capital raising.
Robin Hood, founded in 1988, focuses on finding, funding and creating programs and schools for families in New York’s poorest neighborhoods, according to its website.