![]() ![]() ![]() “He wants to get into Heaven.” Photograph by Martin Schoeller / Saba No wonder he’s smiling.“For some reason, he has a guilty conscience,” Jane Fonda says. He now gets to deal with an SEC that feels relatively satisfied with the penalty its gotten, and might be dissuaded from continuing to chase him quite as hard, at a cheaper price than he could otherwise have paid. Still, it’s a better outcome for this particular part of the case than Cohen likely expected. The SEC settlement with CR Intrinsic doesn’t mean that Martoma and Cohen are off the hook - the SEC and Justice Department will still continue their individual cases against Martoma, and neither agency is prevented from going after Cohen in the future by the terms of the settlement. The fact that Martoma has settled instead of cooperating likely means that the Feds have given up on getting him to flip on Cohen and decided to try to squeeze out a meaningful financial penalty instead. It was always about law enforcers trying to use what they had against Martoma to flip him on Cohen, who has long been the real target of the Justice Department’s insider trading investigation. The CR Intrinsic case, the biggest by far of the two settled today, was never really about Mathew Martoma, the dopey hedge fund manager who traded shares of a couple of pharmaceutical companies based on inside information he got from his doctor friend. “We are happy to put the matters with the SEC behind us,” a spokesman for the firm e-mailed shortly after the announcement. (For comparison’s sake, Goldman Sachs paid only $550 million to settle the Abacus case.) Yet nobody sounds happier than Cohen himself. ![]() And $600 million is a big chunk of money, even for a firm like SAC Capital. ![]() It’s the largest insider trading settlement in history, according to the SEC, and a black mark on SAC’s already-sullied reputation. Cohen’s Greenwich-based behemoth, SAC Capital, has settled with the SEC over insider trading allegations, paying some $600 million to make the charges go away without admitting or denying them. Photo: Scott Eells/Bloomberg via Getty ImagesĬR Intrinsic, the hedge fund offshoot of Steven A. ![]()
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