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SAC Capital Gets a Red Flag Thrown By Finra!


Guest ValueCarl
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Guest ValueCarl

Finra, which monitors securities markets for price spikes linked to news such as mergers and earnings, made 259 referrals to the SEC last year for possible insider trading. The information isn’t an allegation or proof of securities-law violations. SAC Capital, which oversees about $14 billion, hasn’t been accused of any wrongdoing involving the transactions.

 

“Every day our firm transacts in thousands of securities and, given this level of activity, it is not surprising that we would be included in a small percentage of Finra referrals,” Jonathan Gasthalter, a spokesman for Stamford, Connecticut-based SAC Capital, said in an e-mailed statement. “No one at Finra has ever contacted the firm, spoken with our investment professionals or reviewed our research in connection with these matters. We have experienced inquiries by the SEC over the years and cooperated fully, without any negative finding or charge.”

 

http://www.businessweek.com/news/2011-10-25/sac-capital-netted-14-million-in-trading-flagged-by-finra.html

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