SAC Capital Confident Firm, Cohen Acted Appropriately; Will Cooperate with Gov't Inquiry
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Hedge Fund Heavy Steve Cohen Implicated in Massive Insider Trading Scheme
November 20, 2012 1:44 PM ESTHedge fund manger Steven Cohen is having a bad day.
The SEC charged CR Intrinsic Investors LLC, a unit of Cohen's SAC Capital hedge fund, and former portfolio manager Mathew Martoma for their roles in a $276 million insider trading scheme involving a clinical trial for an Alzheimer's drug being jointly developed by Elan (NYSE: ELN) and Wyeth.
While Mr. Cohen was not named or charged, he was implicated in the trading scheme.
The SEC alleges that Mr. Martoma illegally obtained confidential details about the clinical trial from Dr.... More
