You’ve got to figure that if the Justice Department had the goods on Steven A. Cohen, the billionaire hedge-fund manager, we would know about it by now. For years, the U.S. has been investigating allegations that Cohen’s SAC Capital Advisors LP is little more than a sandbox for insider traders. Cohen, the ultimate prize, has so far evaded Justice’s clutches.
U.S. prosecutors plan to charge SAC Capital Advisors LP, the hedge fund founded by Steven A. Cohen, as soon as this week as part of a wide-ranging probe of insider trading, according to a person familiar with the matter.
SAC Capital Advisors LP is seeking to calm investor concern about founder Steven A. Cohen’s trading in two drug stocks and possible regulatory sanctions after prosecutors for the first time tied Cohen to a specific transaction at the center of an insider-trading investigation.