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Steven A. Cohen is an American hedge fund manager, the founder of SAC Capital Advisors, a Stamford, Connecticut-based hedge fund focusing primarily on equity market strategies. Ranked by Forbes as the 106th richest man in the world as of March 2013, Steven Cohen has an estimated net worth of $9.3 billion. A hedge fund is a pooled investment vehicle administered by a professional management firm, and often structured as a limited partnership, limited liability company, or similar vehicle. Hedge funds are made available only to certain sophisticated or accredited investors and cannot be offered or sold to the general public. Because hedge funds are not sold to the general public or retail investors, the funds and their managers have historically been exempt from some of the regulation that governs other funds and investment managers with regard to how the fund may be structured and how strategies and techniques are employed.
Hedge fund manager Steven Cohen, who grew up in Great Neck, New York, was sued by his wife, Patricia Cohen, back in 2009 when she alleged that he had cheated her out of millions of dollars in their 1990 divorce.
Patricia sued Steven in 2009 when Patricia discovered a $5.5 million settlement that Steven had never told her about. In addition to saying she had been cheated in the divorce settlement, Patricia also alleged that Steve’s profits had been accumulated by insider trading and securities fraud.
U.S. District William Pauley dismissed charges of civil racketeering claims against Steven Cohen, but according to Reuters, Patricia Cohen’s claims of fraud and breach of fiduciary duty would be able to move forward. I am not sure how the Fed was tipped off to SAC’s actions, but hell hath no fury like a woman scorned.
Patricia Cohen’s lawyer, Joshua Dratel, wrote in via email reporting that, “Ms. Cohen is grateful for the court’s ruling and looks forward to the case moving forward.” Jonathan Gasthalter, a spokesman for Steven Cohen, said that Steven Cohen was pleased that the judge has dismissed the racketeering charges and also added, “We will continue to defend against her equally specious fraud and breach of fiduciary duty claims.” For more information about employment opportunities with SAC Capital Advisors readers can click here.
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