The hedge fund manager Steven A. Cohen has offered little
public explanation of the stock trades that are the focus of an intensifying
government investigation, according to Dealbook.. But Mr. Cohen, the head of
SAC Capital Advisors, gave testimony to the Securities and Exchange Commission
on the matter, which involves allegations of insider trading by a former
portfolio manager.
Mr. Cohen said that his hedge fund sold the stocks in
question after a portfolio manager said he was “no longer comfortable” with the
position, The Financial Times reports, citing unidentified people familiar with
the testimony. Any details of the conversation between Mr. Cohen and the
manager, Mathew Martoma, are likely to feature prominently in the coming court
action. The criminal case against Mr. Martoma is the first time the government
has linked Mr. Cohen to questionable trades. The hedge fund was also warned by
the S.E.C. that it might be the target of a civil fraud lawsuit…..
Wait, wait…there’s more at http://dealbook.nytimes.com/2012/11/30/sac-chief-gave-testimony/
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