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SEC charges SAC's Steve Cohen


SAC: "The SEC's administrative proceeding has no merit. Steve Cohen acted appropriately at all times and will fight this charge vigorously."

  Steve Cohen (Photo: Bloomberg)
The Securities and Exchange Commission has filed direct charges against SAC Capital Advisors founder Steve Cohen, a major development in a long-running investigation around insider trading at the well-known hedge fund firm. 

The SEC charged Cohen "for failing to supervise two senior employees and prevent them from insider trading under his watch," according to a press release from the agency. If convicted, Cohen could face "financial penalties, a supervisory and financial services industry bar, and other relief."

“Hedge fund managers are responsible for exercising appropriate supervision over their employees to ensure