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Law: The inner circle – The US Attorney’s Office of the Southern District of New York — FT.com
The most powerful legal fraternity on Wall Street congregated last year at Capitale, a lower Manhattan ballroom that was once the headquarters of the Bowery Savings Bank. As a winter rain fell, federal judges, top regulators, titans of the defence bar and highly paid corporate counsels gathered to honour an institution that helped make them [...]
Sides staring each other down as deadline nears in SAC insider-trading case – The Washington Post
The outcome involves high stakes for both Cohen and the government, experts tracking the case said. Prosecutors have been working their way up the hierarchy at the hedge fund for years, they said, and this case gives them their best shot at Cohen — if they can act before the five-year statute of limitations lapses [...]
US judge Jed Rakoff tells how Wall Street got away with it — The Australian
Wall Street is trading in record territory, the US economy is showing sustainable signs of life and yet five years after the global financial crisis sent the world economy to its lowest ebb since the Depression, not one banker has faced criminal charges in the US or Britain, despite what many would describe as questionable, [...]
Rajat Gupta’s Lust for Zeros – NYTimes.com
The 64-year-old Gupta, who remains free on appeal, has vigorously maintained his innocence. But even as his appeal is heard this week, the fundamental question behind his case remains a mystery. Why would one of the most revered C.E.O.’s of his generation, who retired with a fortune worth some $100 million, show such bad judgment? [...]
Prison exclusive: Madoff, king of thieves – CNN Money
Madoff said that his deception began after the Black Monday crash of 1987, a massive stock market sell-off from which he never truly recovered. He said that’s when he turned his investors into victims, but he insists that his crime was never supposed to go on for so long. “It was certainly never my intention [...]
Level Global’s Chiasson sentenced to six and a half years prison
Chiasson sentenced to 6-1/2 years in prison, and must pay a $5 million fine.
Former Enron CEO Jeff Skilling may leave prison by 2017
Proposed agreement will require Skilling to give up remaining rights to appeal and his 2006 convictions on 19 criminal counts will stand.
Must-Read: Vanity Fair’s ‘The Hunt for Steve Cohen’ – Compliance Week
“The Hunt for Steve Cohen” in the June 2013 issue of Vanity Fair is a terrific, in-depth look at the broad investigation conducted by Preet Bharara of the Southern District of New York into insider trading by hedge funds. It shows that while SAC Capital’s Steve Cohen has not been named as a defendant in [...]
SAC’s Cohen Pledges ‘Zero Tolerance’ for Insider Trading, Rolls Out Clawbacks – Compliance Week
After months of being “buffeted” by bad news of SAC Capital employees charged with insider trading, the firm’s founder, Steve Cohen, is trying to flip the script a bit. Cohen authored a letter to SAC investors insisting that the insider trading allegations are unacceptable to the firm and laying out several “zero tolerance” compliance-related steps [...]
Insider Trading Goes Mainstream, Part II: Bharara as Ahab, Steve Cohen as Moby Dick – Compliance Week
The June issue of Vanity Fair takes the “Preet-as-pop-icon” movement one step further, with some interesting art that is almost guaranteed to end up on Bharara’s office wall. The art for the VF article “The Hunt for Steve Cohen” depicts Bharara as Ahab and SAC Capital’s billionaire founder Steve Cohen as Moby Dick. via Insider [...]