In the Matter of Steven A. Cohen

No. 3-15382 (2013)

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In the Matter of Steven A. Cohen

Securities and Exchange Commission
No. 3-15382 (2013)

  • Written by Heather Whittemore, JD

Facts

Steven A. Cohen (defendant) was the founder and owner of S.A.C. Capital Advisors, LLP, a hedge fund. In 2008 two portfolio managers told Cohen that they had received nonpublic information about publicly traded companies and indicated that it may have been inside information. Based on the inside information, the portfolio managers engaged in illegal insider trading that earned profits and avoided losses totaling over $275 million. Cohen did nothing to stop the portfolio managers from acting on the inside information and complimented the managers on their work, giving one a $9 million bonus. The Securities and Exchange Commission (SEC) (plaintiff) opened an investigation into Cohen, alleging that Cohen failed to supervise the portfolio managers in violation of the Investment Advisers Act.

Rule of Law

Issue

Holding and Reasoning (Per curiam)

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