Ex-analyst tied to SAC Capital barred in SEC deal
- Associated Press
- March 13, 2014 - 5:50 PM
WASHINGTON — An analyst who worked for an affiliate of SAC Capital Advisors, the firm at the center of one of the biggest insider-trading cases in history, has been barred from the securities industry to settle civil charges of profiting from confidential information.
Ronald Dennis also agreed to pay $203,000 in the settlement with the Securities and Exchange Commission announced Thursday. The SEC said Dennis got details on coming announcements by Dell and Foundry Networks and used the information to make illegal trades in the companies' stock.
Dennis, who worked for SAC Capital affiliate CR Intrinsic Investors, neither admitted nor denied the allegations.
SAC Capital, the hedge fund owned by Steven A. Cohen, pleaded guilty in November to fraud charges and agreed to pay $1.8 billion to settle charges that it allowed, if not encouraged, insider trading for more than a decade. Eight portfolio managers and research analysts have been convicted or pleaded guilty to criminal charges in the case.
Cohen, one of the highest-profile figures in U.S. finance, has not been criminally charged. The SEC has accused him in a civil action of failing to prevent insider trading at the firm, which he founded in 1992. He has disputed the allegations.
SAC Capital, based in Stamford, Conn., is changing its name to Point72 Asset Management. The firm, which managed an estimated $15 billion in assets at one point last year, is shifting from managing Cohen's own money and on behalf of clients to investing just Cohen's own money.
© 2016 Star Tribune