According to NY Magazine’s Kevin Roose: Federal investigators have been circling SAC Capital and its founder, Greenwich billionaire Steve Cohen, for years, over suspicions that Cohen's hedge fund has been a nest of illegal insider trading. Their investigative tactics have been aggressive — wire-tapping Cohen at his home, busting one of his lieutenants and prodding him to flip on the boss — but have not thus far produced enough evidence to charge Cohen with anything.
Now the feds have hit another roadblock. They don't have any e-mail evidence from SAC during the time period they're investigating, owing to the firm's policy of automatically deleting e-mails after a month or two.
According to Bloomberg, SAC e-mails "were deleted from employee electronic mailboxes every 30 or 60 days" in 2008, the time period at the heart of the government's investigation. That sounds kind of sketchy, but it was probably just business as usual….