SAC Capital Advisors’ chief Steven Cohen is likely to escape criminal charges in a long-running insider trading probe as prosecutors don’t have enough evidence against him, the Wall Street Journal reported.
Citing unidentified sources familiar with the investigation the Journal said this month’s deadline, tied to a five-year statute of limitations on filing criminal charges, and would likely pass without any action.
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The case, part of a five-year US crackdown of insider trading at hedge funds, stems from the insider-trading case against former SAC portfolio manager Mathew Martoma, who was charged in November in what prosecutors called the biggest insider-trading scheme in history.
Back in March, the Securities and Exchange Commission (SEC) announced the largest-ever settlement of an insider trading action, agreeing to resolve civil charges against SAC Capital Advisors in exchange for a record-breaking US$616 million fine.
However, prosecutors could still go after Cohen for more recent trading activity that won’t be hampered by the five-year statute of limitations for insider trading charges, the Journal said.
A SAC spokesman declined to comment.
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