Bloomberg BNA’s Corporate Law & Accountability Report is available on the Corporate Law Resource Center. This news service keeps corporate practitioners informed of legal developments of...
Sept. 2 — In response to a request by prosecutors, the Securities and Exchange Commission is delaying, yet again, its administrative proceedings against billionaire Steven A. Cohen while the criminal cases against his former employees continue.
In a Sept. 2 order, SEC Chief Administrative Law Judge Brenda Murray said the stay will remain until Nov. 28.
SAC Capital Advisors LP this year paid a record $1.8 billion to settle government allegations of insider trading. The SEC alleged that Cohen, who ran SAC, failed to supervise employees to ensure that they complied with securities laws.
In February, former SAC portfolio manager Mathew Martoma was convicted of securities fraud for his role in orchestrating the most lucrative insider trading scheme in U.S. history. He is scheduled to be sentenced Sept. 8.
In May, former SAC portfolio manager Michael Steinberg was sentenced to serve 42 months in prison for his role in an insider trading scheme involving the securities of two high-technology companies. Steinberg is appealing his conviction.
The SEC has twice extended its stay of the administrative proceedings against Cohen.
The latest extension was requested by prosecutors in an Aug. 26 letter. In the letter, the U.S. Attorney's Office for the Southern District of New York told Murray that the Martoma and Steinberg matters “remain ongoing.”
The SEC's administrative order is available at http://www.sec.gov/alj/aljorders/2014/ap-1749.pdf.
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