SAC Capital has been drawn into the huge insider trading case brought by US prosecutors in New York.
One of the 14 new defendants in the Galleon scandal named today, Richard Choo Beng Lee, apparently engaged in insider trading while at SAC Capital, Steven Cohen’s hedge fund.
The evidence comes from their cooperation agreements.
Matthew Goldstein at Reuters put the dates together:
In the case of Lee, the agreements suggest that he engaged in illegal insider trading while working at Steven Cohen’s SAC Capital, the Connecticut-based hedge fund…
In the case of Lee, the alleged wrongful conduct dates back as far as 1994. In both cases, this would suggest the men engaged in insider trading while working at other hedge funds before setting up their own fund, Spherix Capital, in 2007.
Goldstein notes that the cooperation agreements do not accuse Cohen or anyone else at SAC of wrongdoing. Lee has not been been associated with SAC since January 2004.
Here’s the DA’s filing against Lee from today.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.