WASHINGTON (AP) - The Securities and Exchange Commission has filed civil charges against Steven A. Cohen that accuse the billionaire hedge-fund manager of failing to prevent insider trading at the fund he founded.
Cohen founded and runs SAC Capital Advisors. The government has called the SAC Capital Advisors case one of the biggest insider-trading fraud cases in history.
The SEC said that as a result of illegal trades by Cohen's hedge funds, the funds reaped profits and avoided losses of more than $275 million. The SEC is seeking unspecified fines against Cohen. The case will be heard by an administrative law judge at the SEC.