Hedge Fund Titan Steve Cohen Declines to Testify in SAC Capital Insider Trading Case.
Hedge fune boss Steve Cohen, summoned to testify before a grand jury about allegations of insider trading at his SAC Capital Advisors, invoked his Fifth Amendment right not to incriminate himself, according to Bloomberg.
Steve Cohen and the $15 billion hedge fund he founded have moved to the center of a multi-year investigation of insider trading on Wall Street since former portfolio manager Mathew Martoma was charged in November.
While hedge fund SAC paid a record $602 million to settle a civil case related to Mr. Martoma’s trades, the government has not ended its scrutiny of the firm. Last month, SAC told clients it will no longer cooperate unconditionally with the government.