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Senator Charles Grassley Probes Stevie Cohen's SAC Capital


Guest ValueCarl
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Guest ValueCarl

Republican Sen. Charles Grassley is investigating about 20 instances of suspicious trading by the hedge fund SAC Capital, a spokesman for the senator confirmed Saturday.

 

Grassley, R-Iowa, requested the information about the trades from the Financial Industry Regulatory Authority (FINRA), an independent regulator of brokerage firms. SAC is a large Stamford, Conn.-based hedge fund founded by billionaire Steven Cohen.

 

Grassley's inquiry comes amid a massive government investigation into insider trading at hedge funds. Two former SAC portfolio managers have pleaded guilty to securities fraud.

 

http://finance.yahoo.com/news/Senator-probes-trades-at-apf-1294105038.html?x=0&sec=topStories&pos=main&asset=&ccode=

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Guest ValueCarl

Mr. Grassley's aggressive stance toward SAC follows the senator's past criticism of the S.E.C. for not being vigilant enough in its pursuit of illegal activity on Wall Street, including its failure to uncover frauds including Bernard L. Madoff's Ponzi scheme. Now Mr. Grassley's attention has turned to insider trading.

 

"The use of nonpublic information for insider trading purposes is sadly alive and well in our nation's financial markets," Mr. Grassley wrote in his letter to Finra. "More must be done to investigate and bring these criminals to justice."

 

http://finance.yahoo.com/news/Senator-probes-trades-at-apf-1294105038.html?x=0&sec=topStories&pos=main&asset=&ccode=

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