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SAC's Cohen Poised for Hedge Fund Return Under Deal With SEC
Source: Bloomberg
SAC's Cohen Poised for Hedge Fund Return Under Deal With SEC
by Jesse Westbrook Katherine Burton
January 8, 2016 — 1:08 PM EST Updated on January 8, 2016 — 2:22 PM EST
Billionaire is barred from managing client money until 2018
Accord resolves claims that he failed to supervise Martoma
Steven A. Cohen is poised to make a return to the hedge-fund industry by 2018 under an accord with U.S. regulators that settles allegations that the billionaire failed to supervise a convicted insider-trader at SAC Capital Advisors LLC.
The settlement requires that the family office Cohen now runs, Point72 Asset Management LP, undergo routine inspections by the Securities and Exchange Commission, the regulator said in a statement Friday. Cohen neither admitted nor denied the SEC’s claims that he failed to monitor Mathew Martoma, according to the statement.
Before handling outside money again, Cohen will need to have an independent consultant ensure that he has sufficient safeguards to detect and deter insider trading, the SEC said.
“The strong combination of a two-year supervisory bar and additional oversight requirements achieves significant and immediate investor protection and deterrence, while ensuring that the activities of his funds are closely monitored going forward,” SEC enforcement chief Andrew J. Ceresney said in the agency’s statement.
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by Jesse Westbrook Katherine Burton
January 8, 2016 — 1:08 PM EST Updated on January 8, 2016 — 2:22 PM EST
Billionaire is barred from managing client money until 2018
Accord resolves claims that he failed to supervise Martoma
Steven A. Cohen is poised to make a return to the hedge-fund industry by 2018 under an accord with U.S. regulators that settles allegations that the billionaire failed to supervise a convicted insider-trader at SAC Capital Advisors LLC.
The settlement requires that the family office Cohen now runs, Point72 Asset Management LP, undergo routine inspections by the Securities and Exchange Commission, the regulator said in a statement Friday. Cohen neither admitted nor denied the SEC’s claims that he failed to monitor Mathew Martoma, according to the statement.
Before handling outside money again, Cohen will need to have an independent consultant ensure that he has sufficient safeguards to detect and deter insider trading, the SEC said.
“The strong combination of a two-year supervisory bar and additional oversight requirements achieves significant and immediate investor protection and deterrence, while ensuring that the activities of his funds are closely monitored going forward,” SEC enforcement chief Andrew J. Ceresney said in the agency’s statement.
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Read more: http://www.bloomberg.com/news/articles/2016-01-08/cohen-barred-from-managing-client-money-until-2018-sec-says
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