Luntacunt project

www.luntacunt.fora.pl Forum Index -> Rules -> " Huey-Burns said.
Post new topic  Reply to topic View previous topic :: View next topic 
" Huey-Burns said.
PostPosted: Wed 10:39, 06 Nov 2013

Joined: 27 Jun 2013
Posts: 20570
Read: 0 topics

Warns: 0/5
Location: England

Billionaire Steve Cohen neglected oversight duties, SEC says
NEW YORK, July 22 () -- U.S. regulators say billionaire hedge fund manager Steven Cohen "stood by" while his employees were involved in questionable trading.In charges filed in court accusing Cohen of neglecting his duties as a manager, the Securities and Exchange Commission said Cohen, the billionaire founder of SAC Capital Advisors, "allowed his traders to execute the recommended trades and stood by," despite being "faced with red flags of potentially unlawful conduct by employees under his supervision."Court papers allege Cohen knew his staff members were having discussions with classic insider trading sources, such as doctors involved in clinical drug trials and executives at U.S. corporations, The New York Times reported Monday.Preet Bharara, the U.S. attorney in New York City, said in a recent interview that some firms paid "lip service" to federal regulations, but that those who are frequent violators must also face the consequences.Cohen said in a disposition in a separate case in 2011 that he had "read the [SAC] compliance manual, but I don't remember exactly what it says."In 2008, the Times said, SAC, which now has 1,000 employees, had a compliance department with only 10 staff members, although that has been beefed up to 40 since the investigations into the firm's trading behavior began.Certainly a strike against Cohen is that four former SAC employees have pleaded guilty to charges related to insider trading, while five others have been implicated, the Times said.Cohen could be banned from work in the financial industry if found guilty of neglecting his duties as a hedge fund manager.The Times said the SEC case could also provide the Department of Justice with evidence that could be used to build a conspiracy case against SAC, charging the company with insider trading above and beyond the employees who have been charged.In the case against Cohen, "the standard of proof is substantially lower here than with an insider trading charge, which would require showing knowledge or recklessness," former SEC attorney Paul Huey-Burns said."A failure-to-supervise case requires only a showing of negligence,[url=http://www.tymarc.com/]cheap christian louboutin[/url], that Mr. Cohen was essentially careless in his oversight of the firm," Huey-Burns said.

The post has been approved 0 times
View user's profile
" Huey-Burns said.
www.luntacunt.fora.pl Forum Index -> Rules
You can post new topics in this forum
You can reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
All times are GMT + 2 Hours  
Page 1 of 1  

 Post new topic  Reply to topic  

fora.pl - załóż własne forum dyskusyjne za darmo
Powered by phpBB © 2001-2003 phpBB Group
Theme created by Vjacheslav Trushkin