7 Charged in $78M Insider Trading Case
Analyst's arrest puts Cohen's SAC in spotlight again(Reuters) - Hedge fund titan Steven A. Cohen is once again in the spotlight over allegations of improper trading at his $14 billion SAC Capital Advisors.
The arrest on Wednesday of technology analyst Jon Horvath marks the fourth time in two years that U.S. authorities have implicated or charged a person with engaging in insider trading while working at SAC Capital. It is the latest to come from an investigation FBI agents have coined Operation Perfect Hedge.
Federal authorities did not charge Cohen or SAC Capital with any wrongdoing in the case against Horvath, who is accused of using inside information to help the Stamford, Connecticut-based hedge fund generate a $1 million profit from trading in shares and option contracts of PC maker Dell Inc..
Horvath's lawyer could not immediately be reached for comment.
The case against Horvath comes less than a month after SAC Capital capped another successful year, generating an 8 percent return while most hedge funds lost money in 2011.
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Comment by truth on January 18, 2012 at 8:06pm
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Analyst's arrest puts Cohen's SAC in spotlight again(Reuters) - Hedge fund titan Steven A. Cohen is once again in the spotlight over allegations of improper trading at his $14 billion SAC Capital Advisors.
The arrest on Wednesday of technology analyst Jon Horvath marks the fourth time in two years that U.S. authorities have implicated or charged a person with engaging in insider trading while working at SAC Capital. It is the latest to come from an investigation FBI agents have coined Operation Perfect Hedge.
Federal authorities did not charge Cohen or SAC Capital with any wrongdoing in the case against Horvath, who is accused of using inside information to help the Stamford, Connecticut-based hedge fund generate a $1 million profit from trading in shares and option contracts of PC maker Dell Inc..
Horvath's lawyer could not immediately be reached for comment.
The case against Horvath comes less than a month after SAC Capital capped another successful year, generating an 8 percent return while most hedge funds lost money in 2011.
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