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July 23, 2013

SAC to Employees: Cohen Didn't Read Dell Email at Heart of SEC's Case

SAC Capital Advisors LP fired back at the U.S. government, telling employees Monday that the evidence shows Steven A. Cohen ‘did not even read’ the email at the heart of allegations he failed to take proper steps to prevent insider trading at his hedge-fund firm.

A 46-page ‘white paper’ prepared by lawyers for Mr. Cohen responded point by point to the Securities and Exchange Commission’s civil-enforcement action Friday against Mr. Cohen.

Securities regulators said he ignored “red flags” that should have alerted him to improper trading at the Stamford, Conn., firm. The SEC moved to ban the billionaire for life from the industry where he made his fortune, largely on his reputation as a stock picker.

A copy of the report reviewed by The Wall Street Journal detailed Mr. Cohen’s counterattack strategy for the first time. The 57-year-old Mr. Cohen did nothing wrong, his lawyers said in the report, referring to allegations against him as ‘baseless.'”

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Read full Wall Street Journal article here

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