SAC Received A Wells Notice From The SEC Last Week

steve cohen

Billionaire Steve Cohen’s SAC Capital Advisors received a Wells Notice from the Securities and Exchange Commission last week, CNBC’s Kate Kelly reports.

According the report, the Wells Notice indicated that SAC could face civil charges. 

UPDATE: Bloomberg News reports that the Wells Notice does not name Cohen.

SAC held a conference call this morning with clients in the wake of the charges last week against former portfolio manager Mathew Martoma, who worked at CR Intrinsic, a subsidiary of SAC.

During the call, SAC’s management told investors that they would be responsible for all costs or any penalties, CNBC reports. 

Kelly also reports that Cohen, who opened the call this morning, told investors that he’s confident he acted appropriately and he takes these matters very seriously. 

SEE: Colleague Of Accused Insider Trader Mathew Martoma Called Him A ‘One Trick Pony’ In An Email Saying He Should Be Fired> 

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