SAC Rebuts SEC Allegations In Memo To Employees

In a detailed memo to employees, SAC Capital rebutted SEC allegations that its chief failed to initiate action to prevent insider trading. James Sterngold and Jenny Strasburg of The Wall Street Journal reviewed the 46-page ‘white paper’ prepared by SAC lawyers rebutting SEC’s allegations as baseless. SEC’s allegations Last week, the SEC filed a civil suit against SAC Capital chief Steven Cohen, attempting to bar him from ever overseeing an investment fund again. However, the securities regulators have not charged him with any wrongdoing, but the SEC claimed that Steven Cohen failed to take steps to investigate red flags and…