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SAC Capital Pays Up

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  • Description

    FBN’s Charlie Gasparino on SAC Capital’s $614M settlement with the SEC.

  • Duration 4:13
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SAC capital -- -- insider trading cases involving two of its affiliates for 614 million dollars.

As -- he says the hedge funds founder Steve Cohen is not being charged with any wrongdoing.

Fox Business -- correspondent holly asked in our first report in January the SEC was telling investors they believe Steve -- was.

Going to be okay and they keep their money with SEC.

They -- now.

We also reported that they were -- they were essentially gonna pay a big fine that's what they were indicated services and even with just.

What -- will get to some of the specifics of what's kind of interest in about SEC is just how much.

Miss direction to get to reporters I mean it's I I tell this to everybody.

Doesn't believe seminars to be a PR people ask me like having -- -- -- we do a job that you don't have to comment.

Which don't actively misleading you know I could take two major stories at this -- capital misled -- -- a story that we first reported here at Fox Business if Steve Cohen actually got his phone tapped back in 20072008.

As part of the insider trading probe they were trying to say.

To me that -- you know.

He got -- phone -- but it wasn't because of a court order and that's different from just having your phone -- But via somebody else which is true except for Steve -- had his phone -- based on a court order meaning the Fed's.

Did in fact.

Have the probable cause to go to a judge and say let's -- respond -- probable cause for insider trading they in turn didn't turn up anything.

But why telling and I could face up miles but I did this story about.

You know the Dem talking to investors and tell them that they're gonna pay -- -- the way it was described to me a Goldman Sachs like settlement -- paid on the abacus.

Feel like a large fine.

You know 50550.

Million this is kind of an ample -- try to deny that and that's what you have here so.

Say what you want you know the what the problem they have is when they denied -- -- comes -- true.

You lose credibility going forward and one of the things that obviously Steve Cohen and SEC want to show right now.

Is that this case this involves -- more Toma member the fact that the fund -- that has been indicted.

That he traded on inside information on to drug stocks.

And that -- and and and and that the company these are civil charges -- -- civil you know civil case bears some responsibility for that according to the SEC what they're trying to say.

Is that these settlement to 614 million dollar like with sex like settlement.

He's the containing thing that this contains the problem that going forward they're okay at least that's what they're gonna tell investors and I could tell you.

That maybe that's true but I doubt it because you can't trust anything.

You're really giving too much missed director so popular small investor out there and you've got your money -- Steve -- -- they're pulling it out I think there's a another redemption date I I think it's made it could be I just increased to six while that there is at a redemption date -- -- -- -- You know and you're looking at that redemption date you also to be looking at June because that's when the statue of limitations on a lot of a lot of cases -- the SEC's look at that including this one could run out on Steve Cohen.

They're saying that they think he's not getting indicted that they're gonna make it to that that took when they meaning SEC didn't make it to that.

June statue of limitation date.

Do it again take what they say would agree to -- there's a lot of -- -- SEC does not level with people that well suited so you know let's just back of a minute too big dates to work work bit about a year and I know a lot of investors a thing about it.

There's another redemption date we could take more money out I think they suffered one point seven billion dollars in February.

I think it's made might be march but it's another one coming up soon we're professors can take their money out.

And then the second date is key it's the -- limitations.

On on the 2000 any charges involving the -- that more -- that's one of those white trades.

Where he did talk to Steve call we know that we don't know what they -- -- what was said.

You know that statue limitations it's big it's if if more Toma.

Agrees to cooperate with the feds turn evidence and Steve -- before that date well guess what he's getting indicted fund get shut down.

And yield out yield out that you break -- them but you report it I I -- I hope you're right and particularly those those are two big dates and a June.

And and his next redemption date Charley thank you so much I'm sad that we're not doing your -- -- in the -- that this is a -- story thank you very much trying acid rain off I.

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