From BI: A former SAC Capital Advisors LP portfolio manager
told the FBI it was “understood” that those assigned to give their best trading
ideas to founder Steven A. Cohen would provide him with insider information,
according to an agent’s notes of the conversation.
The former fund manager, Noah Freeman, pleaded guilty to
securities fraud in February 2011 after speaking to Federal Bureau of
Investigation agents and federal prosecutors in New York in late 2010, in a
so-called proffer session. Defendants use such sessions to determine whether to
cooperate with the government against others....
Freeman, one of five current or former SAC portfolio
managers or analysts implicated in insider trading, isn’t quoted as saying
Cohen, 56, knew the information came from illegally obtained tips, ordered him
to provide them or traded on the data. Neither Cohen nor Stamford,
Connecticut-based SAC Capital, which manages $14 billion in assets, has been
accused of criminal or civil wrongdoing…..
Read more:
http://www.businessinsider.com/ex-sac-capital-manager-tells-fbi-fund-used-insider-information-2012-10#ixzz28ABzePsG
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