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 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