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Do you -- rush -- insider trading trial is nearing an end but is trading investigations.
Continue to heat up.
Latest charges involve a former portfolio manager Joseph chipped.
-- -- who is charged with using an expert network to avoid losing thirty million dollars on health care trees.
What is the government going after and what are they looking for Charlie -- -- Fox Business senior correspondent joins us with a special guest who understand expert networks and hedge funds and health care.
And Wall Street -- his name is doctor Steven Greer one of the guys -- know a lot about -- -- decision early on you were basically telling me because you work was and you worked at SEC capital.
You worked at Merrill Lynch you do your own thing right now private investor early on you told me.
That the issue is gonna drop you've got to get on this case that there's going to be a massive insider trading investigation.
It did happen.
We ask you this maybe you've been in the markets for a long twenty years at least right at a little lesson that little less than that.
Bomb what we know what's going I would -- cases -- -- up rapidly.
Is there another shoe to drop in this broader investigation which involves these expert networks the guys are going there and get information.
Accords -- government a lot of them are getting this information and get an inside tips to hedge funds.
Probably know more about that but all I can say is I.
I think that if variety she is convicted -- succeed I think the southern district will be more emboldened to go after Steve Cohen.
Pitcher Steve whereas now that's -- value through curve ball at the elegance that I was gonna say that the -- Steve Cohen the head -- SEC capital.
What's interesting about this is that a lot of people speculated that India and this is the big Fisher but he's looking for because if you look at some of the cases that they made outside of -- in the -- budget cases outside of -- These are all people that have sort of ties to what -- -- on.
Is an SEC -- Right up -- -- point so it's they're getting closer.
And I'm just saying let's publicly out there I mean I'm not so I I'd.
I afraid to guess I would say they would.
Be more kinda go after Steve Cohen if they succeed with with the garage -- you know go after them meaning try to develop a case against him specifically what they are ER I mean champ and all these other they're all acts SEC folks at home so they're so as what we have a democracy former FBI agent that comes on and tells about how they do these investigations usually the guys at the top.
-- been going to be replaced I guess in your view.
With Stevie Cohen and his scenes today in.
We see senator Levin wanted to go after more as what Lloyd Blankfein I think it's a 2012 political popular saying.
Because there's criticism in New York Times stated that no big fish has been arrested a you know site I think there's a lot of play it's it's it's yet.
Some some of the Cohen should be eyes is on that on that hit -- as far as you can.
One thing I wanted to talk that is all of these expert networks I think a lot of people are afraid to use and -- -- -- on and so forth and rise to these guys are doing blatantly illegal things anyone who's ever taken a series seven knows that right.
Most of this due diligence should be encouraged.
You know why if no one's looking into things the Enron to the world of the Bernie Madoff to the world -- happen.
If there's nothing wrong with calling up a doctor and ask them whether newly approved drug is working or not -- -- that's that's encouraged most of these expert networks are legal or what they do they provide sort of granular.
Sort of information about industries to hedge -- so they can make a -- -- but if you're speaking to have someone who's currently employed at a chip's silicon that's.
-- anyone should know that's not good but -- let me ask you this how much he -- you've been in this world long time how much does it cross over the line.
Into that area where we're not just saying here's what I think might happen.
Here's what I know happens is because remember hedge funds -- put it right now -- how much of this is really bad stuff it honest to goodness and most of it is just talking to -- -- You've got -- tech sector in health care sector with health care doctors are not spilling the beans are not leaking things like this doctor do with -- -- on.
It's just wholesome and good good good old fashioned.
The early like this drug like this -- device.
It's not that comment that tech sector I think there's a lot worse because he can't get an edge in the tech sector -- -- health care.
And you got to rely on cheating.
So -- expletive pitting these guys against each other fight yet and in the hedge funds are.
Started many years ago one of the reasons I started to health -- channel we don't pay our doctors it's true media this is an information yes it's a business information channel when we interview a doctor it's just like fox doing -- we don't pay them because I saw the flawed business models of these -- points and personally -- And then end as we just invite insider trading -- information when Steve Cohen page -- 900000 dollars.
Or hypothetically you mean they started to -- want more more out of these firms interest and I think is so would you say is there almost forced him to give up the bad stuff a lot of these smaller places that have been arrested already -- already -- just talking and I starting depressed that was going on small little boutique shops and -- it should chip insider -- -- right I'm getting I'm getting the -- -- but I want to ask you one question Raj.
Does he does he make it -- up -- down.
You would know more than I have thought a heat and looks like they have a good case happen.
My opinion is not much better than your about your opinion instead of -- we would have you on here for what is it.
Anyway they have from Steve Forbes Steve -- two things -- that you take away with his guys he -- is a lot more insider information be passed particularly in that.
That that that tech sector would be with -- expert networks.
And it looks like he's another guy -- agrees that Steve Cohen's got a big -- said.
Interesting different station with the health care vs technology right how that information can be.
Passed -- easier persisted and Steve Cohen's name dropped thirty seconds and then and it is beautiful or.
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