SAC's Cohen faces SEC charge over employee supervision

The Securities and Exchange Commission has launched an administrative proceeding against Steven Cohen, founder and CEO of SAC Capital Advisors, accusing him of failing to oversee two senior employees. As a result, they were able to engage in insider trading, the SEC says. Cohen received "highly suspicious information that should have caused any reasonable hedge fund manager to investigate the basis for trades made by two portfolio managers who reported to him," the regulator said.

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