Billionaire Stephen Cohen's former hedge fund SAC Capital Advisors LP, converted now to Point72 Asset Management LP, will close the question, insider trading controversy. In the near future, he will pay off the last affected investors., listing them $135 million, агентство Reuters.
Claims against SAC for illegal transactions with Elan Corp. and other drug maker Wyeth, on which the company has earned $275 million. This is about actions on the part of the fund manager Matthew Martoma, who worked at SAC and made decisions based on the advice of a Michigan doctor.
According to the prosecution, in 2008 year Martom, getting inside information about testing a new drug for Alzheimer's, Put $700 million to pharmaceutical companies, who developed it – Wyeth и Elan Pharmaceutical. However, he then learned, that the test results were unsuccessful, and in a week SAC sold all its shares.
IN 2013 year, the fund was found guilty of insider trading and paid the regulator a fine in the amount of $1,8 billion, which became a record amount in the history of hedge funds. Last December, the fund paid 10 млн акционерам Wyeth.
Martome in 2014 year was indicted for insider trading, he is now serving a nine-year sentence in a maximum security colony. Cohen was never charged., but, in January he was banned from managing clients' money for two years. The ban ends 1 января 2018-го.
You can say, that the billionaire got off easy, since the SEC planned to prohibit him from taking funds for management for life. Against this background, the last multimillion-dollar fine did not upset the management of the fund.. "We're glad, finally, Turn the page, associated with the era of the SAC litigation ", – said on this occasion a spokesman for Point72.
Cohen and SAC have pleaded not guilty to investors Elan Corp. However, as a result of these events, the fund returned funds to outside investors and was transformed into the Point72 family office., which manages Cohen's capital in the amount of $9 billion.
