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July is critical for Steve Colin and his hedge fund SAC capital and fox is senior correspondent and author of circle of friends Charlie Gasparino is here with exclusive details on this -- under investigation.
Want to bulk -- -- longer than stays put that's been around just -- on trying to book a book I think this is that we talked to defense attorneys.
He took the people in the prosecution that you -- the people that -- prosecutors.
This is the key month after July the case has become much more difficult against Steve Colin that's when -- statue of limitations runs out on the some of the critical -- so -- -- -- Here's the game plan we have two weeks of the in the July.
Watch for something in the next two weeks is what just about every defense attorney I -- to that has some relation to this massive ongoing insider trading case.
Not against Steve Justice against Steve Coleman -- remember this -- -- -- -- not since 2007.
And they say watch the next two weeks if there are charges in the next two weeks a lot of people betting there will be some sort of charges both either civil.
Or criminal against either calling or SEC capital this is the month after that after July.
It looks like you know it becomes a much more difficult case now know -- the feds they think they can go after forever they can manufacture stuff -- -- point out that they ever use Rico.
That's put a statue limitations becomes much -- -- they can make a play with that.
And was it just because pre bra was on another business that we're preached the US attorney for some just district talking about Rico.
Talking about how these are rarely used -- writing Giuliani used it against Drexel the last time was using the major white collar crime case.
-- high eighties as Haiti's in 198 it might not even the navy might have been invited in 1990 -- the exact date when they brought -- -- it brought down Drexel and that was it.
And you know they had no property -- -- so.
I'm just saying this is just as me as a betting man the next two weeks are critical.
I think something's gonna pop I'd I'd do is just -- -- -- Ferrari do you think for print or are I think it's either going to be the SEC.
Hi this is what I think is gonna happen okay sick.
Okay you're asking me put my -- -- -- whole book about this on a little bit I do not have done like getting this from inside the government because it is mean.
There will be a failure to supervise -- and Steve -- within within weeks.
Supervisor to vice is that.
That's that's a civil case OK but it'll it'll bar him from the securities business impact he'll be some either civil or criminal case against SEC capital.
Which effectively and we should point out that if if there's a failure to supervise case against Colin even if it's not securities fraud.
If it's along the lines of what do what they're doing with Jon Corzine which I think it will he'll be barred from the securities business and -- got to ask -- can just wrote family office.
Maybe maybe not it'll depend on the charge against the firm.
How serious is it is a Rico charge how much is -- to pay to get out of this doesn't doesn't -- the stuff.
This is me talking I could be completely wrong but it just it has the smell of this this is where we're going and we're coming soon.
How many years they've been going after this guy now two years three years longer you -- after college yeah.
That path I took the ball that you don't dance at an -- because we just a case at least off the -- come down to the final weeks before statute of limitations runs out and they have not filed some big.
Criminal case had -- to the -- supposed to one of the worst.
But of violators of insider trading on Wall Street to be says volumes and -- to be some kind of defeat.
Politically or in -- to view the coming up -- who you were included because supervisor that that can.
And I think you're right -- I have not desecration of the -- -- -- -- You know there's the ends justify the means in their in their -- okay now there ends is they have several and someone they don't wanna.
Don't want to lose a case they wanna bring kids are gonna lose deserve what -- and zero right.
They've not lost the case most people you settled or me or they lost in court.
Number two the ends is they they believe.
That and you know pre said this on the air today and he was cryptic about it and you know even -- what it was like -- -- -- -- -- -- -- -- -- talk about.
Do you have a company that is so that that's compliance that's designed generally to protect the guy at the center.
Where other people and do what they want it to -- and -- and people talk -- code.
If he wasn't talking about as easy -- I don't know what he was talking and company you know he'd been pointed out my talk about any specific firm.
But it who did he say that we can bring a case against a firm if that's the case and I could tell you this -- -- saying they're gonna bring it I can tell you that.
Based on my reporting in my book that's what they think SEC -- a much and I think that way that's what they think it is.
-- -- without that I can think about I think -- Toma -- -- -- we reported on as well -- how we're not our best case I mean specifically to any digital possible what that's that the -- that they the last two -- is it possible.
The -- -- it is going -- by Tom yet thank.
It is by it is within the realm of possibility I think the journal story was it was wrong in the sense that they wrote that Steve Cohen escaped from a charges because Matthew -- -- was a -- and I think what they meant what they really should read.
That's the feds have given up on trying to flip them it's in his court we -- have to bring criminal charges based on -- all right we got other avenues.
Okay -- job thank you very much Charlie Gasparino and buy his book the great book.
How bad for a blog and Warner -- I mean that's that's --
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