SAC Prosecutor Tells SEC Cohen’s Case Should Be Delayed

An administrative proceeding filed against SAC Capital Advisors LP founder Steven A. Cohen by the Securities and Exchange Commission should be put on hold because prosecutions of his former employees aren’t fully resolved, the government told an agency judge.

The SEC filed its case against Cohen last year, alleging he failed to supervise former hedge fund managers Mathew Martoma and Michael Steinberg and ignored indications that they illegally traded stocks based on confidential information. Both men were convicted after separate federal trials in Manhattan.