Thread Rating:
  • 1 Vote(s) - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5
SAC Capital Is Indicted
#1

Long rumored to be a big IOC short. Could not happen to a nicer bunch of guys... <img src=" border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/smile.gif" />

http://dealbook.nytimes.com/2013/07/25/sac-capital-is-indicted/?hp&_r=2&

Reply

#2
Thank the lord. The grandaddy of the attack mode shorts
He taught them all how to do it..
Reply

#3
Maybe this is a big first step to try and clean up the industry. Hope this send a loud message to other funds, but there are some very large egos who likely feel they are smarter than Cohen and the SEC still.
Reply

#4
My complaint: why did it take so long (years) !!! IMHO, it was clear that Cohen was 'cheating'. If Harry Markopolos could detect Madoff's ponzi scheme by looking at the "too-good-to-be-true" numbers, why did the SEC not know years ago that Stevie Cohen had to be cheating to achieve his results !!! Think back to Cramer's admission of lying/fomenting/manipulating along with his comment that the bozo's at the SEC wouldn't do anything about it AND it was just so profitable !!!
Reply

#5
The SEC was given data on Madoff over two years before they moved on him. Go figure.

Like I have said endlessly, don't rely on the SEC to do anything.
Reply

#6
Remember not long ago someone posted about 'IOC shorts on the East and West coasts were being investigated?'
Hopefully some others on the left coast feel some heat.
Reply

#7
We/IOC need to determine or help determine several things in this situation:
- Was SAC involved in shorting IOC?
- Was/is SAC involved in activities related to the shorting of IOC that violated securities or other laws?
- Would any such activities fall under the purview of the SEC or Federal prosecutors or both, as with the insider trading and other violations in this case?
- Depending on the above, what could be done to get the investigators and prosecutors to address these activities at SAC and others involved in them with SAC?

IMO, the relevant securities laws here would not be those on insider trading, but rather the provisions of the Securities and Exchange Act of 1934 on manipulating stock for personal gain by misleading investors, including through the use of libel and slander, illegal naked shorting, and possibly other law provisions I am not informed on about manipulation of stock through fraudulent trading activity. Also, what about organized crime or criminal conspiracy laws (am I stretching here)?
Reply

#8
It appears that the SEC is going after ALL SAC assets including their investors' assets.
Reply

#9
Most of what their capital is Cohens and they want his ill gotten gains.
Reply

#10
Does this mean that SAC and other HFs will be more careful when it comes to manipulation?
Reply



Forum Jump:


Users browsing this thread: 1 Guest(s)