You'd think pleading guilty to insider trading, paying a $1.2 billion fine, and being barred from managing outside capital would clear the decks. But if you're SAC Capital, you'd be wrong. The Justice Dept is proceeding in its investigation in the hopes of even more charges - charges which Steve Cohen and company have no immunity against. To wit, an unnamed witness with firsthand knowledge of insider trading that may involve Cohen himself has rolled on his former employer.
Indeed, according to The New York Times, prosecutors and the Federal Bureau of Investigation have won another cooperating witness against SAC. That person, who has not been identified because his or her guilty plea has not been announced, is helping with the investigation of SAC's trading in Gymboree shares—a name that has not previously come up in the SAC probe.
What's more, authorities believe that the Gymboree trades may have involved Cohen himself. To date, Cohen has been directly linked to only one case of alleged insider-trading at his firm, and prosecutors were unable to come up with enough evidence to charge him personally.
If I'm Steve Cohen, I'm checking out properties in the Caribbean and distributing my fortune among the various rogue states that refuse to play ball with the US. Seriously, it's game over. The Justice Department isn't going to quit until Cohen and Raj are making a market in dinner rolls in the prison cafeteria (at least his alliance with Guy Fieri will give him the upper hand in that market).
I almost feel bad for the guy. Almost.
Any way you slice it, it's an ugly deal for anyone who ever came in contact with SAC on a professional or career basis. It's amazing to think that an unprecedented fine and guilty plea aren't enough to go back to business as usual. Maybe the feds really have turned over a new leaf and fuckery will no longer be tolerated.
How the hell is that supposed to work?
It's not that bad Stevie.....
M. Milken
I have a feeling this is going to turn into a Mark Cuban case. The Feds are getting greedy and this will blow up in their face at some point. I've noticed that about the government, most noticeably in the federal prosecutors office. You have to one up the guy before you to move up. This causes them to take a win and turn it into a shit on their face loss. If I was them I would be happy with what I got and leave the case alone. But hey that's why I don't work in the government.
Either the Feds are really sure they have something big, or as others have said, they're going to blow a huge win and step on their cranks. They should leave it be and hang out the Mission Accomplished banner.
I almost feel bad for them, but I'm really bothered by this new rat/unnamed witness.
$1.8B*
Yeah, the $1.2 billion is the fine, the rest is disgorgement to various 3rd parties.
I don't know why these guys just don't leave. America's prominence and respect is dwindling and we don't have the sack to go after people like we should. Personally, I welcome this as the US acts like a bully on the global scale. Hopefully more countries will stand up to us as time goes on.
The government is shaking this dude down because it can.
Pull the old Marc Rich huh? I'd already be gone if I were him. No access to outside capital in the US and your name's now on the cover of every newspaper..can't think of any reason to stay.
I mean I get him staying as long as he has, but he HAS to know now that they wont stop until he is in jail. Just leave. Like yeah, maybe you get caught, but maybe you don't. Russia told the US to suck a dick. Plenty of other countries won't give a shit what the US wants. I'd just peace out. At this guys age jail time will totally blow. Same with Madoff. Guy only has to live what, 5-10 years on the run.
Go to Russia and paper Putin and just rub it in Obama's face. Go kick it in Argentina and "help" their economy. Shit, go live in Cuba for godsake.
Anything is better than jail time.
Just take all of the cash you have and buy a huge boat and sail to international waters. Then give Washington the bird as you party with 18 year old girls.
SAC capital makes millions for investors by trading on illegal information
Jon Corzine blatantly steals millions from investors and is a free man.
Steve Cohen, next time you trade inside info, make sure your friendsd with a president!
http://www.infowars.com/jon-corzine-will-not-face-criminal-charges-over…
So making billions is illegal, but stealing is fine!!
Merica'
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