On Friday afternoon the Security and Exchange Commission charged hedge fund titan Steven A. Cohen with “Failing to Supervise Portfolio Managers and Prevent Insider Trading.” If the charges stand, Cohen could be barred from the securities industry.
Though he’d certainly prefer to have had the issue dismissed entirely, given the scope of the investigation being charged with failure to supervise can only be considered a triumph for Cohen and SAC Capital Advisors. As one Twitter wag put it, the accusation was akin to “charging Lance Armstrong with failure to stop a needle from piercing his skin.”
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn