In a letter to investors, SAC Capital said that it would no longer cooperate with the government unconditionally regarding an ongoing investigation into its trading activity, says the NYT.
In short — Steve Cohen’s firm is done playing nice and helping the Justice Department and SEC in its probe into alleged insider trading at the hedge fund.
“In the past we have tried to be as transparent with you as possible about the state of the investigation while balancing our desire for transparency with the need to keep the details of a sensitive investigation confidential,” said the letter. “While we have in the past told you of our cooperation with the government’s investigation our cooperation is no longer unconditional and we do not intend to give updates in this area going forward.”
SAC is going where it’s clients can’t follow — at least for now. The letter goes on to say that in the coming months, the firm expects to be able to divulge more information about what’s going on with the investigation.
This comes after SAC agreed to pay a $616 million fine to the SEC for illegal trading in pharmaceutical stocks. The hedge fund did not admit wrongdoing.