Hedge fund manager Steven A. Cohen settles
Billionaire hedge fund manager Steven A. Cohen, who was earlier accused of failing to prevent massive insider trading at his firm, has agreed in a settlement with the government not to engage in any activities overseen by federal commodities regulators until at least December 31, 2017.
The settlement announced on Tuesday by the Commodity Futures Trading Commission follows on the action brought against Cohen by the Securities and Exchange Commission over insider trading at his firm, formerly called SAC Capital Advisors.
In an agreement with the SEC in January, Cohen was barred for two years from managing other people's money. He wasn't fined under the agreement, and neither admitted nor denied the SEC's allegations.
SAC Capital agreed in 2013 to plead guilty to criminal fraud charges and to pay US$1.8 billion.