This just came in over the Bloomberg: Wesley Wang, a former analyst for SAC Capital Advisors’ Sigma Capital unit, has told federal agents the names of 20 more people who he claims traded on insider information. Some had not been charged in the ongoing investigation.
This could be a problem for Steve Cohen’s firm SAC Capital. That’s because Wang first came into the spotlight in July when he admitted to passing inside information about Cisco and other companies to Dipak Patel, a portfolio manager at SAC subsidiary Sigma Capital.
The SEC is already investigating SAC Capital’s activities.
Wang pleaded guilty to two counts of conspiracy to committ securities fraud and testified against hedge fund manager Doug Whitman (of Whitman Capital LLC), who was also found guilty of two counts of conspiracy for trading on illegal tips in August, according to Bloomberg.
Wang’s information has already led to 10 convictions.