Hedge fund mogul Steven A. Cohen, founder of SAC Capital Advisors L.P., has reportedly received a subpoena to testify before a grand jury in relation to a federal insider trading investigation.
The insider trading investigation, which has been underway for several years now and which has implicated a number of current and former SAC Capital employees, has yet to directly target Cohen. Neither Cohen, said to have a personal fortune of about $9 billion, nor SAC Capital, which is based in Stamford, has been charged with wrongdoing.
While SAC Capital says it has cooperated with the federal investigation thus far, it reportedly issued a letter to investors saying that its cooperation would no longer be “unconditional.”
“While we have in the past told you of our cooperation with the government’s investigation, our cooperation is no longer unconditional,” the firm said in a letter to investors, according to the New York Times.
According to multiple published reports, Cohen will not testify before the grand jury and will instead invoke his constitutional right against self-incrimination.
