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SEC looks to ban Steve Cohen from Wall St.

Friday, Jul 19, 2013 - 00:57

July 19 - The U.S. Securities and Exchange Commission is accusing hedge fund tycoon Steven Cohen of failing to supervise two employees charged with insider trading. Conway G. Gittens reports.

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The U.S. Securities and Exchange Commission is accusing hedge fund tycoon Steven Cohen of failing to supervise two employees charged with insider trading. Conway G. Gittens reports. The Securities and Exchange Commission is going after a big fish in the investment world. Steven Cohen is facing civil charges for failing to supervise two employees who are heading to court in November for insider trading. The SEC is looking to ban Cohen from the financial industry. The charges surround Matthew Martoma, who is accused of using inside information to pocket profits and avoid losses totaling some $276 million. And veteran portfolio manager Michael Steinberg, charged with generating $1.4 million in ill gotten gains. The decision to go after Cohen, who founded SAC Capital Advisors, follows a long-running probe that has shaken confidence in his $15 billion hedge fund. And is part of a wider crackdown on insider trading. SAC says the charges have "no merit" and will be fought "vigorously."

SEC looks to ban Steve Cohen from Wall St.

Friday, Jul 19, 2013 - 00:57

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