Steven Alan Cohen of SAC Capital Advisors, LLC
November 2013 Bloomberg article entitled “New SAC E-Mails Given Martoma as Steinberg Heads to Trial”
October 2013 Bloomberg article entitled “Steven A. Cohen’s Baseball Dream Strikes Out in Hedge-Fund Plea”
October 2013 Bloomberg article entitled “SAC Agrees to Plead Guilty to End Insider-Trading Case”
October 2013 Bloomberg article entitled “Cohen’s Dream of Soros Status Dies as SAC Pleads Guilty”
October 2013 Bloomberg article entitled “SAC Trader Lia Forcina Said to Leave Hedge Fund for BlueCrest”
October 2013 Bloomberg article entitled “SAC Defections Accelerate as Cohen Approaches Settlement”
October 2013 The Telegraph article entitled “SAC heads towards $1bn insider trading settlement with US authorities”
October 2013 Bloomberg article entitled “Billionaire Cohen’s Art May Fetch $60 Million at Auction”
September 2013 Reuters article entitled “Cohen’s SAC Capital up 13 pct for year”
September 2013 Reuters article entitled “Insider trading trial of SAC’s Martoma delayed to January”
September 6, 2013 Bloomberg article entitled “Second Martoma Tipper Identified as SAC Trial Nears”
August 19, 2013 Daily Finance article entitled “Lawyers Secure Pact to Keep Steven Cohen’s SAC Operating”
August 13, 2013 Reuters article entitled “SAC Capital affiliate Parameter Capital closes”
July 28. 2013 Huffington Post article entitled “SAC Capital CEO Steven Cohen Throws A Party Despite Indictment”
July 22, 2013 Bloomberg News video & article entitled “SEC Tries Last Ditch Move to Put SAC’s Cohen Out of Work”
July 19, 2013 SEC Litigation Release entitled “SEC Charges Steven A. Cohen With Failing to Supervise Portfolio Managers and Prevent Insider Trading”
July 19, 2013 Reuters article entitled “SEC seeking to ban SAC’s Cohen from financial industry”
July 4, 2013 Wall Street Journal article entitled “SAC Capital’s Steven Cohen Expected to Avoid Criminal Charges”
June 30, 2013 Insider Monkey feature entitled “Steven Cohen Bio, Returns, Net Worth”
June 2013 Bloomberg article entitled “SAC Insiders Said to See Most Client Cash Gone by 2014″
June 2013 Financial Times article entitled “SAC’s referendum creates twin challenge for embattled hedge fund” (requires subscription)
June 2013 Vanity Fair article entitled “The Hunt for Steve Cohen”
May 2013 Bloomberg article entitled “Four SAC Executives Are Said to Receive U.S. Subpoenas”. The individuals are:
Tom Conheeney, President of SAC
Steve Kessler, head of compliance
Phillipp Villhauer, head trader
Solomon Kumin, Chief Operating Officer
May 2013 Reuters article entitled “Prosecutors consider using racketeering law against SAC”
May 2013 Reuters article entitled “Prosecutors’ subpoena of SAC’s Cohen puzzles defense lawyers”
May 2013 New York Post article entitled “Elan shareholders sue Cohen’s SAC Capital for nearly $1B”
April 2013 The Guardian article entitled “SAC Capital insider trading charges: is a cursed Picasso painting to blame?”
March 28, 2013 Reuters article entitled “U.S. judge holds off ruling on SAC Capital-SEC deal”
March 20, 2013 Reuters article entitled “SAC Capital up 4 percent this year as probe continues”
March 2013 HedgeFundX post entitled “Cohen’s SAC tells investors that government scrutiny is not over”
March 2013 Forbes article entitled “SEC’s $600M Slap To Steve Cohen’s SAC Fund Not Bad After Taxes”
February 2013 Business Insider post entitled “Steve Cohen More Than Doubled His Pay Between 2011 And 2012″
February 2013 Bloomberg article entitled “SAC’s Cohen May Face SEC Suit as Deposition Hurts Case”
February 2013 Reuters article entitled “UPDATE 2-SAC has $1.68 bln in withdrawals as trading probe deepens”
January 2013 Bloomberg article entitled “SAC to Close Chicago Office With Four Investment Teams”
January 2013 Bloomberg article entitled “Cohen’s SAC Tops Most Profitable List Amid Insider Probes”
A January 2013 Associated Press story entitled “Ex-hedge fund manager pleads not guilty in NYC”, covers Matthew Martoma’s insider trading case. Mr. Martoma worked for a division of SAC Capital and the article mentions his trading recommendations to Steven Cohen.
December 2012 Bloomberg article entitled “Why Hasn’t Ex-SAC Capital Manager Mathew Martoma Turned on Steve Cohen?”
December 2012 Bloomberg article entitled “SAC E-Mails Show Steve Cohen Consulted on Key Dell Trade”
December 2012 New York Times article entitled “A Fascination of Wall St., and Investigators”
December 2012 Forbes article entitled “Feds Tighten Belt Around Cohen’s SAC With Weight Watchers Probe, Says Reuters”
December 2012 New York Times story entitled “A Big Art Lover, and Moneyman, Is Missing at the Fair”
December 2012 Time Magazine article entitled “Can the Federal Government Really Deter Insider Trading?”
December 2012 Fox Business article entitled “Analysis: SAC’s Cohen shows no signs of retreat despite scandal”
December 2012 New York Times Dealbook post entitled “Trail to a Hedge Fund, From a Cluster of Cases”
November 2012 Huffington Post story entitled “Steve Cohen, Super-Rich And Secretive Trader, Faces Possible SEC Investigation”
March 2011 NY Times Dealbreaker article entitled “65 Alternative Investment Managers on Forbes Richest Billionaires List”
In March 2010 The Justice Department launched an investigation into whether hedge funds might have banded together to drive down the value of the euro. In a letter, the department asked hedge funds including SAC Capital Advisors LP, Greenlight Capital Inc., Soros Fund Management LLC and Paulson & Co to retain trading records and emails relating to the euro.
In February 2010 NY prosecutors arrested Milton Balkany, an Orthodox Jewish rabbi and director of religious school in Brooklyn, for trying to persuade SAC Capital to donate $4 million to two schools in return for keeping an unnamed imprisoned investment manager from talking about the fund’s alleged insider trading deals. According to the government’s allegations, Mr. Balkany was trying to take advantage of media reports that prosecutors might be targeting SAC in an ongoing investigation into insider trading in the hedge fund industry. Legal sources identified Hayim Regensberg as the inmate whom Mr. Balkany said he had spoken to about SAC. Mr. Regensberg was convicted last year of defrauding about a dozen people in a three-year long Ponzi scheme. He is now serving an eight-year sentence at the Otisville prison.
In February 2010 it was reported that six-months after a New Jersey judge dismissed a lawsuit filed by Biovail against SAC, SAC filed a lawsuit in federal court in Connecticut seeking damages from Biovail for having filed a “vexatious” lawsuit against it in 2006. Cohen’s hedge fund seeks to recoup its legal expenses plus damages. In the complaint, SAC said it incurred “tens of millions of dollars in unnecessary legal fees” and “incalculable damage to its reputation.”
In 2009, federal regulators accused a former Blackstone Group investment banker, Ramesh Chakrapani, of tipping off a friend about the 2006 buyout of the Albertsons supermarket chain. In January 2010 that friend was revealed to be Jonathan Hollander, a former analyst at SAC. The sources also confirmed that the firm where the trading in question took place in January 2006 is CR Intrinsic Investors, an SAC subsidiary.
In December 2009, Patricia Cohen sued ex-husband Steve Cohen for hiding millions from her and her children at the time of their divorce nearly 20 years ago, and saying that Cohen confessed to insider trading in the 1980s. Ms. Cohen sought $300 million, and filed the suit under a civil version of the Racketeer Influenced and Corrupt Organizations Act, or RICO, typically used against organized crime. In January 2010, Paul Batista, Ms. Cohen’s original lawyer, dropped the lawsuit, allegedly without her authorization. Patricia Cohen had since switched lawyers, and maintained that the lawsuit was still ongoing.
A December 2009 article (http://www.businessinsider.com/steve-cohen-was-on-a-trashy-talk-show-talking-about-cheating-on-his-wife-2009-12) included a link to a 1992 video clip of Mr. Cohen and his wife Alexandra Cohen on the talk show “Cristina”. The premise of the show was second wives complaining that their husbands won’t break free of their exes. The show was centered around Alexandra’s complaint that Mr. Cohen was cheating on her with his ex, Patricia Cohen.
In December 2009 it was reported that Airvana Inc. and its proposed acquirers, including a unit of Blackstone Group LP and an affiliate of SAC Capital Advisors LP, were sued by an investor seeking to block the $530 million deal.
In November 2009 SAC Capital Advisors announced that, in an internal inquiry, they found no suspicious trading in stocks named in Galleon Group insider-trading case. Neither SAC nor Steven Cohen has been accused of any wrongdoing. Investigators are expected to examine trading at SAC, the Wall Street Journal reported November 7, 2009.
In November 2009 it was reported that federal authorities are investigating the activities of Mark Adams, a former analyst at Balyasny Asset Management, in connection with the Galleon insider trading case. The Wall Street Journal reported the Adams allegedly gave material nonpublic information about EMC Corp. EMC to Steven Fortuna, co-founder and principal of Boston-based hedge-fund firm S2 Capital Management. From July 2005 to December 2007, Adams worked at SAC Capital Advisors. Balyasny and SAC haven’t been accused of any wrongdoing and the firms haven’t been subpoenaed or contacted by authorities, the Journal said.
In October 2009 Richard Grodin, a former portfolio manager at SAC Capital Advisors and Sigma, received a subpoena seeking trading records related to the Galleon insider trader scandal. Grodin left SAC in January 2004 to set up Stratix Asset Management. The subpoena doesn’t suggest wrongdoing by Richard Grodin, nor does it suggest that Mr. Cohen, has been implicated in any way, or that he knew about any trading by Mr. Grodin.
Richard Choo-Beng Lee was identified as a cooperating witness in the insider trading case brought by federal prosecutors against Galleon founder Raj Rajaratnam and 18 others. Lee’s Oct. 8 cooperating agreement with authorities stated that he wouldn’t be prosecuted further for any crimes related to his participation in insider trading between roughly 1999 and 2004 in connection with his employment at “a certain hedge fund located in Connecticut, and its affiliate(s).” He worked at SAC Capital from 1994 to 2004. The cooperation agreements do not accuse Cohen or anyone else at SAC of wrongdoing.
Mr. Lee also worked as an analyst with Richard Grodin at Sigma and Stratix. Lee left Stratix and formed Spherix with Ali Far. Far has been identified as another cooperating witness in the case. The Wall Street Journal reports Shammara Hussain, a 23-year old assistant for Grodin and Lee, passed along inside information on Google.
It was reported that in March 2009, Mr. Lee, after striking the deal to assist the government, attempted to be re-hired at SAC Capital. Mr. Cohen declined to hire Mr. Lee because he was suspicious about the recent and abrupt closure of Mr. Lee’s hedge fund, Spherix. Rival hedge fund managers said shutting the fund amid such good returns aroused suspicions that something was amiss.
In August 2009 it was reported that New Jersey Superior Court Judge Donald Goldman had dismissed the Biovail lawsuit. The lawsuit sought $4.6 billion in damages from 22 defendants including SAC Capital, Steven A. Capital, SAC Healthco, Pinnacle Investment Advisors, Helios Equity Fund, and Hallmark Funds. The judge said the court lacked jurisdiction and Biovail failed to “state a cause of action.” In February, New Jersey Federal District Court Judge Stanley Chesler dismissed a similar suit filed by several Biovail shareholders against SAC. The judge ruled Biovail had violated ethics rules in order to get material that could be used in the case and that the investors’ lawyers failed to properly investigate the allegations.
In April 2009 Mr. Cohen hosted an art show at Sotheby’s in New York. The pieces, owned by Cohen and his wife, Alexandra, all depict women. They have a combined market value of about $450 million. As of March 6, SAC owned 5.9 percent of Sotheby’s, up from 4.6 percent on Dec. 31.
Steven A. Cohen’s SAC Capital Advisors gained 3 percent in March 2009 and 10 percent in the first quarter.
In March 2009, Forbes ranked Mr. Cohen’s net worth at $5.5 billion, down from $8 billion in 2008.
In February 2009 it was reported that the SEC was examining the situation involving insurer Fairfax Financial Holdings Ltd, and allegations that that several hedge funds conspired to drive down its stock price by using advance notice of an analyst’s negative report about the company. Fairfax Financial, a Canadian property and casualty insurer, brought the allegations in a lawsuit filed in July 2006 in state court in New Jersey. Documents submitted in the ongoing case indicate that executives of the hedge funds discussed the upcoming report of the analyst, John Gwynn of Morgan Keegan Inc. The hedge funds (SAC Capital Advisors, Third Point LLC and Kynikos Associates) used knowledge of Gwynn’s report before its public release to bet against Fairfax Financial’s stock by short-selling it, the insurer alleges. A November 2009 article stated that the suit, filed in 2006, was still open, that that Fairfax’s lawyers are expected to start taking depositions of some of the hedge funds’ executives and traders soon. The SEC served a subpoena on Fairfax’s lawyers, seeking copies of all emails and trading reports the hedge funds had turned over to the insurer during the initial discovery process in the litigation. The subpoena specifically requested information concerning any trading activity ‘that gave SAC a financial interest in the rise or fall’ of Fairfax’s share price.
In February 2009, a U.S. Federal Court judge has dismissed a $4-billion class-action lawsuit filed in 2006 by shareholders of Biovail against a group of Wall Street hedge funds including SAC Capital Advisors LP. The lawsuit, filed by Guy Del Giudice, alleged the funds had conspired to drive down Biovail’s share price in 2003. In his ruling, U.S. District Judge Stanley Chesler sanctioned the lawyers who filed the lawsuit for violating a judge’s order that had sealed some of the information they cited in the filing. He said Biovail’s lawyers drafted both the shareholder lawsuit and the company’s lawsuit as part of a “choreographed strategy” to counterattack critics who had previously sued the company.
In February 2009, Ron Insana left SAC Capital after six months on the job. He had been hired as a managing director with a focus on strategic development.
In February 2009, Michael Corcell, who focused on US equities at SAC Capital in London, left the company.
In January 2009 it was reported that SAC Capital Advisors saw its Multi-Strategy Fund lose 13% through November 2008, “even though the fund is supposed to make money in any environment.”
In January 2009 Orient-Express Hotels Ltd. confirmed that it was served with a petition in Bermuda by DE Shaw and CR Intrinsic (SAC Capital). The petition alleges, among other things, that the Company’s current ownership and voting structure is unlawful under Bermuda law, and that the Board exercised its fiduciary powers for an improper purpose in causing or procuring Orient-Express Holdings 1 to acquire, hold and/or vote Class B shares of Orient-Express Hotels Ltd. CR Intrinsic Investors, operates out of Stamford, Connecticut, and focuses on using primary research to develop investment ideas.
In January 2009 it was reported that SAC Capital Advisors had slashed holdings in a number of retailers and small pharmaceutical companies at the end of 2008.
A January 2009 article reported that Steven Cohen’s psychiatrist, Dr. Ari Kiev, who works exclusively for SAC Capital, has recently been in high demand.
In December 2008 the planning and zoning commission in Greenwich, CT, approved Mr. Cohen’s application for a special permit to add about 1,145 square feet to his 35,000-square-foot house at 30 Crown Lane. The house already sports a basketball court, an indoor pool and an ice rink complete with a garage for the Zamboni machine. According to this story by The New York Times’s Peter Applebome, the add-on is to include more storage, a garden room, a breakfast room and an expansion of the “his” dressing room.
In December 2008 SAC Capital Advisors LLC told investors they may withdraw money prematurely from its Multi-Strategy Fund.
In November 2008 SAC Capital dismissed a team of seven portfolio managers and assets. The job cuts came at CR Intrinsic Investors, one of the firm’s four main portfolios, which was especially hard hit in October, including a bet against German carmaker Volkswagen, which rallied on the news that Porsche was seeking to gain a majority stake in VW. SAC dropped 11% in November, leaving it down 18% for 2008.
In November 2008 it was reported that according to regulatory filings with the U.S. Securities and Exchange Commission, SAC held 1.7 million BCE shares as of Sept. 30. With yesterday’s plunge, that size of holding would have lost $22-million in value in one day.
In October 2008 it was reported that Paul Tudor Jones and Steven Cohen had sold assets to raise cash. Cohen’s SAC Capital Advisors, reportedly built up cash reserves to 50% of assets.
In September 2008 David Rocker was dropped as a defendant in the Fairfax Financial Holdings Ltd lawsuit against Cohen, SAC, and others.
In September 2008 David and Simon Reuben joined a revolt by shareholders at the Orient Express for changing its corporate governance structure. The luxury hotel chain operator had came under pressure from two influential hedge funds led by Steven Cohen as well as DE Shaw to cancel the special anti-takeover voting right shares vested with its promoters. Cohen-led CR Intrinsic Investments and Shaw-led DE Shaw Valence together hold 14.3 per cent stake in the company.
In June 2008 it was reported the SAC Capital Advisors is shutting its New York-based Sigma Capital Management’s debt business. Other SAC companies include Canvas Capital Management, which is based in San Francisco and currently invests in US equities, primarily in the technology sector and in Asian securities.
An April 2008 provided more detail into Andrew Tong’s lawsuit against SAC. Mr. Tong alleged that SAC ordered its traders to take female hormone pills “to help erase his aggressive male ways so he could be more effeminate in his trading style”
In March 2008, the U.S. Securities and Exchange Commission sued Biovail and some of its former officers, for accounting fraud, particularly that “Biovail actively misled investors and analysts about the reasons for the company’s poor performance”. Biovail settled for $10 million.
In February 2008, a group of Pharmion Corp. shareholders, including financier Steven A. Cohen, believes its pending takeover by biotechnology company Celgene Corp. undervalues the drug maker.
In January 2008 SAC Capital president Brian Cohn left the firm.
An October 2007 article reveals that Christopher Dodd’s presidential campaign’s largest contributor is SAC Capital, the influential Greenwich hedge fund run by Steven A. Cohen, whose employees have collectively given $344,100.
A September 2007 article announcing Forbes magazine’s list of the 400 richest Americans reveals that Steven Cohen of SAC Capital Advisors was the richest hedge fund manager with $6.8 billion, and was ranked 47th overall.
A September 2007 article details the re-ignition of Biovail Corp.’s well-publicized conspiracy suit against short-sellers and analysts, including SAC Capital and Steven Cohen. Biovail claims that it was the victim of a conspiracy to spread false information about it in an effort to depress its stock and profit. The company’s chairman at the time, Eugene Melnyk, appeared on 60 Minutes to tout the complaint.
A September 2007 article announces that a group of prominent American hedge funds have failed to get a $6-billion lawsuit against them by Prem Watsa’s Fairfax Financial thrown out of NJ court. Fairfax alleges the hedge funds were engaged in racketeering and hired a man named Spyro Contogouris to ‘beat up’ its stock as a way of profiting from short selling its shares. The money firms, among them SAC Capital, Exis Capital, Sigma Capital and Rocker Partners, deny using any dirty tricks and allege Mr. Watsa’s company sued them in order to silence its critics and deter investors from shorting its stock.
A July 2007 article announces that investors have approached Steven A. Cohen, offering to buy up to 20% of SAC Capital, according to sources with knowledge of the discussions. However, neither Cohen nor officials of SAC are commenting on the potential stake sale.
In May 2007 it was reported that Mr. Cohen purchased a 10-bedroom, two-acre estate at 96 Further Lane in the Hamptons, listed for $19.95 million by Corcoran Group.
In a March 2007 article Take-Two Interactive Software Inc. announced that it may sell itself after investors including Steven Cohen’s SAC Capital Advisors LLC and Oppenheimer Funds Inc. said they planned to install their own directors and fire chief executive Paul Eibeler.
A March 2007 article describes the allegations that several hedge fund managers, including SAC founder Steven Cohen, had successfully brought down Fairfax’s share price to make hundreds of millions of dollars buying cheap stock. All the defendants, including Cohen, denied wrongdoing.
A March 2007 article announces that Steven A. Cohen’s activist investment group, SAC Capital Advisors LLC, may take on billionaire investor Carl Icahn for up-market homebuilder WCI Communities Inc. The articles reveals that SAC also holds a 9.5% stake in the company, or 4 million shares in the Bonita Springs, FL builder.
A February 2007 article announces that Hedge fund magnate Steven A. Cohen is running with a new crowd on Wall Street. After hiring a seasoned private equity dealmaker in December, Cohen’s $12 billion SAC Capital Partners teamed up with buyout king Kohlberg Kravis Roberts & Co. on a $3.1 billion deal for the higher learning outfit Laureate Education Inc. in late January.
A February 2007 article reveals details of a lawsuit brought by Biovail Pharmaceuticals against SAC Capital, the hedge fund run by investor Steven A. Cohen. Apparently, Biovail alleges that the research company Gradient Analytics conspired with SAC Capital and produced negative reports, driving down Biovail’s share prices for the benefit of SAC and other short sellers.
A January 2007 article reveals that SAC Capital has a 5% stake in Build-A-Bear Workshop, a purveyor of adorable stuffed animals. The position reflects SAC’s new tactics amid increased competition in the hedge fund industry. Steven Cohen is trying to shed his reputation for being an aggressive quick-fire trading guru and focus more on long-term investments.
Stamford CT-based SAC’s 13F filing with the SEC for the period ending September 30, 2006, shows assets at $9.6 billion with 1620 investment holdings.
Stamford CT-based SAC’s 13F filing with the SEC for the period ending December 31, 2005, shows assets at $8 billion with 1803 investment holdings.
SAC Capital’s recent 13F filing with the Securities and Exchange Commission for the period ending June 30, 2005 shows assets at $10.9 billion for 2137 investment holdings. This compares with $10.6 billion for the March 31, 2005 filing and $8.6 billion at the end of 2004.
Dec. 2006: SAC Capital Advisors, the $10 billion hedge fund firm run by Steven Cohen, has more than doubled its stake in Phelps Dodge and will oppose a takeover of the copper mining company by Freeport-McMoRan Copper & Gold. Cohen said that SAC had rejected the Freeport offer of $26.4 billion because it failed to ”provide full and fair value” to Phelps Dodge shareholders.
In July 2006, Canadian insurer Fairfax Financial Holdings filed a lawsuit in New Jersey court seeking $5 billion from a group of hedge funds, alleging that they pushed its stock down by spreading false rumors and misleading research about its finances in a “massive and fraudulent disinformation campaign.” The defendants include SAC Capital Management, Steven Cohen, Exis Capital, Andrew Heller, Third Point Partners, Daniel Loeb, Rocker Partners, David Rocker, Lone Pine Capital, Trinity Capital and other hedge funds as well as John Gwynn, a Morgan Keegan analyst.
In Feb. 2006, The Biovail Corporation, Canada’s largest drug maker, filed a lawsuit in New Jersey Supreme Court yesterday, seeking damages of $4.6 billion from 22 defendants. Among the defendants are SAC Capital, Steven A. Capital, SAC Healthco, Pinnacle Investment Advisors, Helios Equity Fund, and Hallmark Funds.
In January 2003, Michael Zimmerman, a trader with SAC came under SEC scrutiny for allegedly trading on information in company reports written by his wife, Holly B. Becker, a noted Lehman Brothers Internet analyst, before they were published. This situation was mentioned in several articles. Although SAC was not under investigation, Becker and Zimmerman were served with Wells Notices. SAC claimed that if anything happened, it was before Zimmerman joined the company. A Business Week article about Cohen also discussed another possible conflict of interest with one of SAC’s traders.
SAC Capital allegedly contacted ImClone CEO Sam Waksal, who was involved in the Martha Stewart situation, on the same day Stewart talked to him. Their phone call, according to the company, was never returned and SAC lost millions in a long position on ImClone.
Cohen began collecting art in 2000. In 2003, the New York Times reported that in a 5-year period, Cohen spent 20% of his income at art auctions. He is reportedly building a private museum for some of his artwork on his Greenwich property. In the winter of 2005 it became known that in 1999 Cohen had bought Edvard Munch’s “Madonna”. Reportedly this was for $11.5 million, a record price for any Munch painting.
In addition, in 2006 Cohen bought a landscape entitled “Police Gazette” by artist Willem de Kooning for $63.5 million from David Geffen. Also in 2006, Cohen attempted to make the most expensive art purchase in history when he offered to purchase Picasso’s Le Reve from casino mogul Steve Wynn for $139 million. Just days before the painting was to be transported to Mr. Cohen, Mr. Wynn, who suffers from poor vision, accidentally thrust his elbow through the painting while showing it to a group of acquaintances inside of his office at Wynn Las Vegas. The purchase was cancelled, and Mr. Wynn still holds the painting.
A Business Week article that was found goes very in depth into SAC Capital’s inner workings, in addition to Steven A. Cohen’s nature and lifestyle. http://www.businessweek.com/magazine/content/03_29/b3842001_mz001.htm
In 1995, the New York Stock Exchange censured Mr. Cohen for inflating the price of a penny stock to increase the value of a portfolio he managed. The manipulation took place in 1991, when Mr. Cohen worked at Gruntal & Company. As a penalty, Mr. Cohen agreed to a four-week ban from “employment or association in any capacity” with any broker-dealers on the exchange.