Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

U.S. Poised to Charge Billionaire Steve Cohenís SAC Capital Hedge Fund
Time ^ | July 24, 2013 | Sam Gustin

Posted on 07/25/2013 8:57:57 AM PDT by rightwingintelligentsia

The United States government is preparing to charge SAC Capital, the multi-billion dollar hedge fund operated by the reclusive Wall Street trading legend Steven A. Cohen, with criminal charges, according to multiple reports. Manhattan-based federal prosecutors, working in conjunction with the FBI, are poised to move against the massive hedge fund as early as this week.

On Wall Street, this type of criminal charge amounts to a death sentence, because few major clients would be willing to invest money with a firm under federal indictment. It’s possible that lawyers for Cohen, a secretive 57-year-old billionaire with lavish tastes in art and real estate, will try to settle the case, but the New York Times called that outcome “unlikely.” What the feds are really trying to do is send a message to other Wall Street hedge fund honchos that insider trading is unacceptable.

(Excerpt) Read more at business.time.com ...


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: cohen; message; moneygrab; saccapital; stevecohen

1 posted on 07/25/2013 8:57:57 AM PDT by rightwingintelligentsia
[ Post Reply | Private Reply | View Replies]

To: rightwingintelligentsia

Guess Cohen’s check to the DNC bounced.


2 posted on 07/25/2013 8:58:58 AM PDT by dfwgator
[ Post Reply | Private Reply | To 1 | View Replies]

To: dfwgator

That’s the first thing I thought of. Or maybe he donated to Romney in the last election?


3 posted on 07/25/2013 9:00:11 AM PDT by rightwingintelligentsia (Truth/Lies; Liberty/Tyranny--WHAT DIFFERENCE DOES IT MAKE??)
[ Post Reply | Private Reply | To 2 | View Replies]

To: dfwgator

Somebody in the DOJ didn’t get paid off.


4 posted on 07/25/2013 9:08:54 AM PDT by Venturer
[ Post Reply | Private Reply | To 2 | View Replies]

To: rightwingintelligentsia

And John Corzine walks free....


5 posted on 07/25/2013 9:09:33 AM PDT by grayhog (Ay with.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dfwgator

That’ll teach him to donate to the Tea Party!


6 posted on 07/25/2013 9:10:23 AM PDT by JaguarXKE (1973: Reporters investigate All the President's Men. 2013: Reporters ARE all the President's men)
[ Post Reply | Private Reply | To 2 | View Replies]

To: rightwingintelligentsia

He didn’t pay off the right criminal politicians,


7 posted on 07/25/2013 9:21:22 AM PDT by stephenjohnbanker (K I L L T H E B I L L !!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: grayhog

So will Cohen. They’ve got the goods on him but . . .


8 posted on 07/25/2013 9:23:13 AM PDT by BipolarBob (Democrats will give you the shirt off somebody elses back for a vote.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: rightwingintelligentsia

Insider trading...what about Pelosi and Reid and other COngress people who have done the same WHILE writing the laws that impact financial regs and stocks?


9 posted on 07/25/2013 9:48:49 AM PDT by Hotlanta Mike ("Governing a great nation is like cooking a small fish - too much handling will spoil it." Lao Tzu)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rightwingintelligentsia

Ooh. He might get fined a hundred grand. He can make that back in one night’s sleep.


10 posted on 07/25/2013 10:51:32 AM PDT by sakic
[ Post Reply | Private Reply | To 1 | View Replies]

To: dfwgator; All

Steve Cohen is one of the few on Wall Street who steadily and generously supported Republicans.

He is Jewish, married to a Puerto Rican Catholic, and has 7 children (1 adopted).

He’s been a target of Dems in NYC/NY and SEC for years - they’ve been trying to drive him out of business, even forsaking more than $600M in settlement without admitting guilt. They are using phony “insider trading” charges to circle people around him, hoping that some will finger him, because they have no real case against him. They are also trying to scare away his Stamford-based hedge fund clients.

Now with Mary Jo White at SEC, she declined the settlement, and is trying to apply “administrative action” to beat the 5-year statute of limitation on filing charges, and NY AG and FBI are trying to come up with the criminal charges for which the statute of limitations is extended to 10 years.

This is simply a case of pure harassment of the well-to-do active Republican financial supporter, deliberately kept quiet compared with some small but well publicized cases.

They’ve also been hunting down and making an example of other “dissenters,” like Jamie Dimon of JP Morgan Chase who dared complain about Obama and his policies and had a gall to confess that he was “barely a Democrat.”

BTW, when he was sued by his first wife in 2009, charging him of hiding money from her during the divorce, her lawsuit was dismissed by the US Court in Manhattan due to lack of merit. Somehow, in April of 2013 NY Court of Appeals decided to reinstate her lawsuit.

See:
http://blogs.wsj.com/moneybeat/2013/07/25/in-sac-case-the-name-steve-a-cohen-is-conspicuous-by-its-absence/tab/print/ - In SAC Case, the Name Steve A. Cohen Is Conspicuous by Its Absence, by James Sterngold, 2013 July 25

http://online.wsj.com/article/SB10001424127887323829104578622743724953964.html - SAC to Employees: Cohen Didn’t Read Dell Email at Heart of SEC’s Case, by James Sterngold, 2013 July 23


11 posted on 07/25/2013 7:24:13 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
[ Post Reply | Private Reply | To 2 | View Replies]

To: rightwingintelligentsia

Guess who Steven A. Cohen supported in the 2012 election?
http://www.vnews.com/news/nation/world/7808389-95/mega-hedge-fund-charged-with-fraud

Cohen and his wife Alexandra are major political donors, contributing more than $272,000 to federal candidates and political committees since 2009, according to campaign finance records.

During the 2012 campaign, Cohen hosted a fundraiser at his Greenwich, Conn., home for Republican presidential nominee Mitt Romney, according to a report in the Connecticut Post, and he and wife each gave $30,800 to the Republican Senatorial Campaign Committee.


12 posted on 07/26/2013 6:16:49 PM PDT by ncfool (Obama's aMeriKa 2012 The land of entitlement for the 51% crowd.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rightwingintelligentsia

And what is the difference between Steve Cohen and Jon Corzine, I wonder...


13 posted on 07/26/2013 6:29:30 PM PDT by okie01 (The Mainstream Media: IGNORANCE ON PARAD in the past.E)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson