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Hedge Fund Latest News: Steven Cohen Throws a Party Despite His Fund's Indictment

Wochit 1:10 mins

Hedge fund billionaire Steven A. Cohen did not let the filing of criminal charges against his $14 billion SAC Capital Advisors get in the way of a party this weekend at his vacation estate in tony East Hampton, New York. Billionaire investor Steven A. Cohen's hedge fund pleaded not guilty on Friday to insider trading charges in federal court, as investors in the roughly $15 billion fund awaited word on plans for the fund's future. Several SAC Capital Advisors LLP clients said they had yet to be contacted officially by the firm in an investor-wide call or note. According to SAC Capital Advisors, the wildly successful hedge fund now accused of systematic crime, the firm not only has ?a strong culture of compliance? intended to ?deter insider trading,? as the firm put it recently, but may also have one of the most rigorous and ?cutting edge? hedge fund compliance programs in the country.

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