It’s expected on Monday that the criminal trial against Steve A. Cohen’s hedge fund, SAC Capital Advisors, will come to a conclusion with a guilty plea and a $1.2 billion fine, according to a report in the New York Times.
The plea will not resolve the ongoing Securities and Exchange Commission civil lawsuit brought against Cohen in July that accuses him of failing to supervise his employees. So far, six SAC traders have pleaded guilty to insider trading charges.
The two former employees of Cohen’s firm's trial begins in Manhattan later this month, and its expected to reveal detailed witness testimony about the inner working of SAC. However, Cohen himself has still not been charged with a criminal offence or even accused of insider trading.
The F.B.I. has continued to pursue SAC vigorously, and many expect charges to be announced against Cohen in the coming months.
Cohen, 57, has communicated to investors that he has acted appropriately at all times.
Born and allegedly conceived by candlelight in 1984, Christopher was raised in Edinburgh, Scotland. After four years in the British Royal Navy, he decided to leave the sea...