On Tuesday night at 10:00 pm EST,’Frontline’ will air its ‘To Catch A Trader’ documentary about how the FBI investigated some of the biggest insider trading cases in the last decade.
Of course billionaire Steve Cohen’s hedge fund, SAC Capital, gets a l0t of attention.
Part of that is because ‘Frontline’ was able to obtain never-before-published video of Steven Cohen’s deposition in a case involving hedge funds and Canadian firm Fairfax Financial.
SAC, along with a number of other hedge funds, was accused of colluding to bring down the company’s stock.
You can watch some of his deposition here. All in all, it shows that Cohen lacks a mastery of basic regulation. He says that rules about insider trading are “vague,” for example.
If that sounds out of this world, the way the documentary’s director, Nick Verbitsky, got that footage is even crazier. He told Bloomberg columnist William Cohan that an anonymous source left it on a USB drive hidden in between some scaffolding in the building across the street from Frontline’s NYC office.
Frontline’s timing with this is pretty perfect. SAC was just forced to return all outside investor money and become a family office after federal settling charges of insider trading this fall.
On top of that former SAC portfolio manager Mathew Martoma’s insider trial begins today.
So you may want to brush up on your recent history with ‘Frontline’ on Tuesday night.