SAC Capital "Scrambling" to Prevent Massive Redemptions - FBN
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Steven Cohen's massive $14 billion hedge fund SAC Capital is "scrambling" to prevent massive redemptions and is holding one-on-one meetings with large investors to address concerns and keep them, according to FOX Business Network (FBN) Senior Correspondent Charlie Gasparino. The fund has been reeling since former portfolio manager Mathew Martoma was charged insider trading and Cohen himself was implicated in the SEC complaint.
“SAC senior officials are scrambling to prevent massive redemptions from the $14 billion hedge funds and are currently contacting and holding one-on-one meetings with large investors," Gasparino REPORTED. "Basically they're saying don't pull out, we think we have this under control. They're saying despite everything you’ve heard, the criminal charges against [Matthew] Martoma, the investigation that involves Steve Cohen… they think Steve Cohen is going to be OK. Internally, they're saying we may get a large fine, we think we are going to get a large fine, we think we are facing charges but we are not going to be indicted so keep your money with us. The bottom line is you don't know until February."
“SAC senior officials are scrambling to prevent massive redemptions from the $14 billion hedge funds and are currently contacting and holding one-on-one meetings with large investors," Gasparino REPORTED. "Basically they're saying don't pull out, we think we have this under control. They're saying despite everything you’ve heard, the criminal charges against [Matthew] Martoma, the investigation that involves Steve Cohen… they think Steve Cohen is going to be OK. Internally, they're saying we may get a large fine, we think we are going to get a large fine, we think we are facing charges but we are not going to be indicted so keep your money with us. The bottom line is you don't know until February."
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