Former SAC Trader Convicted of Insider Trading

Mathew Martoma’s federal fraud trial ended yesterday with a conviction for trading on material inside information. Martoma formerly worked as a trader for SAC Capital Advisors, a hedge fund owned by financier Steven A. Cohen. The jury in the Southern District of New York found that Martoma had obtained confidential information about clinical drug trials […]

Government Wins First Jury Conviction in SAC Prosecution

A jury in federal district court in New York yesterday returned a guilty verdict against Michael Steinberg, a senior official at the giant hedge fund, SAC Capital Advisors, LP. A grand jury had indicted Steinberg on charges of insider trading. Previously, six other SAC employees and the firm itself have pleaded guilty to criminal charges […]

SAC Capital Advisors Likely to Be Indicted

The New York Times is reporting that sources are saying federal authorities are poised to indict SAC Capital Advisors on charges of insider trading. SAC is a hedge fund operated by billionaire Steven A. Cohen. The report says that Cohen will not be charged in the indictment. Previously, two SAC employees, Matthew Martoma and Michael […]

Head of SAC Capital Advisors Invokes Fifth before Grand Jury

Steven A. Cohen head of the giant hedge fund SAC Capital Investors invoked his Fifth Amendment right against self incrimination when called to testify before a federal grand jury in the Southern District of New York.  The grand jury is investigating insider trading allegations at Cohen’s hedge fund.  The United States has already charged an […]