One of US richest finds himself on the NY hot seat

View Comments
Steven A. Cohen (AP photo)

Steven A. Cohen (AP photo)

 

NEW YORK (AP) — Steven A. Cohen may not be a household name, but he’s made a name for himself. In finance, fine art and sports, he’s had an extraordinary run of success and has amassed assets worth more than $8 billion.

Lately, Cohen has been linked to what federal prosecutors in New York call history’s most lucrative insider trading scheme, earning a quarter of a billion dollars. Cohen is not charged but authorities don’t dispute characterizations of him as the “Hedge Fund Owner” repeatedly referenced in a criminal complaint against a former employee. The Securities and Exchange Commission has notified his firm, SAC Capital, that it is considering action.

Cohen reportedly assured investors his firm played by the rules. A spokesman says SAC and Cohen are cooperating and confident they acted appropriately.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 28,157 other followers