Steve Cohen’s SAC Capital Under Investigation for $14M in Suspicious Trades

Steve Cohen‘s SAC Capital Advisors is under investigation for more than $14 million in suspicious trades according to Bloomberg.

FINRA is Questioning Several Trades SAC Capital Made

Financial Industry Regulatory Authority (FINRA) referred the trades SAC Capital made in 19 companies over the last 10 years, including Genentech Inc. (DNA), ViroPharma Inc. (VPHM) and United Therapeutics Corp. (UTHR).

Steven Cohen

Bloomberg reports the particular positions and sales “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.” Bloomberg notes, “the information isn’t an allegation or proof of securities-law violations. SAC Capital, which oversees about $14 billion, hasn’t been accused of any wrongdoing involving the transactions.” The transactions in question include a $2.3 million profit SAC Capital made in 2007 after buying into UTHR briefly.

SAC Capital has Never Been Charged by the SEC for Wrongdoing

Steve Cohen founded SAC Capital in 1992. Since then, the hedge fund has come under scrutiny on a variety of fronts, largely part of an industry-wide probe into insider trading. ”Every day our firm transacts in thousands of securities,” said Jonathan Gasthalter, a spokesman for SAC Capital. “Given this level of activity, it is not surprising that we would be included in a small percentage of Finra referrals.” He said, “No one at Finra has ever contacted the firm, spoken with our investment professionals or reviewed our research in connection with these matters. We have experienced inquiries by the SEC over the years and cooperated fully, without any negative finding or charge.”

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!