A hedge fund scandal is taking place. Four employees, two of whom worked for Steven A. Cohen’s SAC Capital Advisors have been charged with insider trading.
The four men charged with insider trading are: Noah Freeman, Donald Longueuil, Samir Barai and Jason Pflaum. Freeman and Longueuil once worked for SAC. Freeman has pleaded guilty to all charges, as had Pflaum. Both men are reportedly cooperating with the investigators to help sort out the allegations and facts.
Barai, who once worked for Citigroup as a hedge fund manager, was arrested Tuesday in Manhattan by federal authorities. He allegedly left his job at Citigroup to start his own company, Barai Capital Management.
Longueuil, however, was arrested Tuesday morning, and has been charged with obstruction of justice, as well as conspiracy. No cooperation from him has been reported by the authorities.
All four men are suspected of taking confidential information from their investors and sometimes sharing it between them. Preet Bharara, the Manhattan US District Attorney, reported via Reuters in a press conference that the current investigation is bringing up serious questions about the legality of the common hedge fund business model. During the conference, she had this to say,
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