SAC’s Non-Suspicious Trading
November 10, 2009 9:47 AM
SAC Capital’s Steve Cohen has ruled out anything suspicious in the stock trading connected to Galleon’s (LON: GO) insider trading case. SAC, who built and maintained AAA-grade infrastructure, also told that none of its employees received any subpoenas since a former SAC portfolio manager agreed to plead guilty.
This former employee had gone and joined Ian Goodman and Richard Grodin at Stratix Asset Manangement LLC, founded by them, both former SAC traders. Investigators are also expected to oversee the trading by SAC, for some time to come. Around twenty persons have been reportedly charged in the Galleon insider trading scandal after CEO Raj Rajaratnam, since October 16th. The defendants have illegally traded about $53 million in a dozen stocks.
