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U.S. Securities and Exchange Commission Latest News: Arrests Planned in Hacking of Financial Companies

Wochit 1:03 mins

Federal-authorities-were-planning-to-arrest-several-people on charges that they hacked into the computer servers of financial companies, including the parent company of the Nasdaq stock exchange, according to people briefed on the arrests. A US regulator has scheduled a hearing in its case against SAC's Steven Cohen for next month. Attorneys for hedge-fund manager Steven A. Cohen are disputing federal civil charges that he failed to prevent insider trading at SAC Capital Advisors, saying he didn't read an email at the center of the allegations. The SEC says Cohen failed to prevent the two managers from illegally reaping profits and avoiding losses of more than $275 million. Rather than raise any red flags, Cohen praised one of the managers and rewarded the other with a $9 million bonus.

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