On Tuesday, U.S. Commodity Futures Trading Commission said they filed a Notice of Intent to revoke, suspend, or place restrictions on the registration of Steven Cohen of Greenwich.
The commission accepted Cohen’s offer of a settlement, in which he will no longer be registered as an Associated Person of SAC Capital Advisors, effective immediately.
Also, Cohen agreed not to engage in any activity requiring registration with the commission until at least December 31, 2017.
According to a release from the commission, Cohen, failed to reasonably to supervise an employee with a view to preventing insider trading.
Cohen neither admitted nor denied his failure to supervise the employee who violated the SEC act. Specifically the commission said Cohen, “ignored red flags, failed to take prompt action to determine whether Matthew Martoma, a portfolio manager who reported to Cohen, was engaged in unlawful insider trading conduct.”
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