The Securities and Exchange Commission will delay its civil action against billionaire hedge-fund manager Steven A. Cohen while federal prosecutors proceed with their criminal case against his firm, SAC Capital Advisors, according to multiple press releases.
Prosecutors and SAC Capital Advisors agreed on Thursday to an administrative law ruling that requires the firm to keep most of its money on hand while operating under a criminal indictment.
The order allows the firm to continue running its money management business.
Chief Administrative Law Judge Brenda P. Murray granted a stay of the SEC”™s proceeding against SAC Capital Advisors founder ”“ Cohen ”“ in an order filed on Thursday.
Cohen’s attorneys have called the allegations “unfounded” and said he did nothing wrong.
