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SAC capital advisors to giant hedge fund run by billionaire Steve -- well it's an upheaval as.
Updates on the insider trading investigation at the firm continue to emerge Fox Business senior correspondent Charlie Gasparino us.
As new details.
He just -- sort of set of circumstances here in terms of you know where SEC is.
In this in this game we should put out they have been charged criminally if they'd settled the civil charge.
There is a grand jury that's been impaneled back injury has sent subpoenas we -- been able to confirm.
To Steve cone head of the SEC capital should point out that this is that an investigation that just didn't start yesterday it's been going on since.
They bugged -- -- sometime in 20082009.
-- Steve Collins.
And they have they've they've been through -- I would say relentlessly meaning the government but the SEC and the Justice Department relentlessly pursuing and because this is what they believe.
I'm not saying this is what I believe is what they believe.
They believes it is SEC capital is a firm.
That skirts the rules the rules mean insider trading and that much of Steve Collins fortune the nine billion dollars that's in that fund and a lot.
Can tell you how much they think that a lot of that switching was the -- By first through the means of doing insider trading or from subordinates to an insider trading.
And in profiting.
And being so essentially -- or from that will fight by creating this sort of complaint system.
It keeps him out of the fray while all the bad stuff is going on beneath that that's that that's the theory of Justice Department how to they think that theory.
And get a charger and it -- pretty good it's not that easy we should point out that SE CPP.
Gladys is he told the Fox Business Network it's a couple weeks ago.
Okay SEC then went out -- denied this to us but they told him we know it's true now.
That they would basically gonna try to do a deal with the government SEC want to do some sort of a universal settlement and everything where Steve Cohen gets protected essentially.
Where they would probably have to collapse the fund.
Remember when I was talking about this I was saying that this is kind of in the -- people thought about this -- it would have to collapse of fun but since he would be prosecuted he could raise money again to still be in the business.
That deal was clearly on the table I could take people -- as CC thought they were moving toward the government was moving towards.
Approving that deal and it's something that something happened I can say what happened I -- do know.
That this thing that happened that stopped that deal and actually when the investigation got ramp up.
Was right around the time that -- -- -- that -- The wind already an excuse me news of his purchase of that Art Ross made public schools you know just that about a month ago.
Now on the two related I can tell you.
I didn't I can tell you that the government investigators were a little perturbed by that by that -- -- a battle hubris going -- -- government but I think they they they really do think that he operates -- firm.
It's a matter of making the case.
I think when you buy -- like that -- -- we've reinforces government officials to do.
Investigators do which you'd think that might do you know.
We should point -- that Matthew -- -- still hasn't flip that's the she.
A portfolio manager who has been indicted unfair trading charges who right before he made those and so trades.
Had a twenty minute phone -- -- -- that we don't know what he said but he hasn't flipped obviously want him to flip on that.
I'm what -- what was what was we -- during his 220 minute call Michael Steinberg the other SEC -- -- -- man who's been indicted.
As not is not cooperating as well we -- -- point out this month maybe the -- in question.
-- stuff that happened in 2008 where the statue limitations is running out probably in July.
Sometimes ended in July is that is that is what they like he cared so that -- got -- government has to move fast so you panels you battled grand jury.
And you start working I believe OK it's going to be very difficult to get a case against -- now I could be wrong.
But I believe one of the avenues based -- -- a lot of people they may go for some sort of a Rico charge where you should -- you show that there's been so much bad stuff.
Happening at SEC over the past five years that it is essentially a corrupt organization.
And you basically shut the firm that yet and you keep you can take a lot of the money you can you -- member Rico's got some.
-- -- spot reaching far reaching applications I think.
You can you can pull back the ill gotten gains which means they can you know they can make a case.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- What they came out Friday and say they will no longer unconditionally.
Unconditionally to -- cooperate with the government.
Before they said that they are fit with what the word was they were fully cooperating about why they put out that state they're not exactly public companies or hedge fund.
But they have made public statements they have talks said that that fully cooperate thing there if -- investors need to know.
If something has changed because let's face if -- if they do get it gets -- wouldn't die down.
Investors and they faced not just the government but to -- investors sane while we got -- redemption date coming out you didn't you this information.
And we -- we knew about this information would have pulled her money from redemption date I believe is June is well.
So there's a lot of stuff going on -- I would say this.
If it were on the ten yard line right were almost there to the end of this thing.
It's going to be a lot going on for that ten yards in the next two or three months one of the best things about this from my standpoint as I have a book coming out analysts -- July which is -- called circle of friends.
Which essentially maps out the relentless pursuit of Steve -- the last five years my what a picture that you want into the -- there's interest I you know I got lucky you know I listen to one person.
He came on fox business's name is mark receiving former chair right up and told me that they were going after Colin.
And SEC complaint to fox management that we ran that story.
Is that right that is absolutely right they complain they said that we were wrong that you know I was being unfair and I'm telling you.
It now look at it I mean you know what it went hybrid in the last word from Charlie gets well and as I hope -- was I know that I think he's a decent guy I don't want to get indicted I'm just saying that.
It's happened you want it it's -- reporting that the the feds are looking to a product that's the difference here is a very nice man he's very charitable things.
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