From Dealbook: The government’s insider trading
investigation of the giant hedge fund SAC Capital Advisors entered a more
contentious phase this week, with criminal authorities issuing a new round of
subpoenas requesting information about the firm’s activities, according to
lawyers briefed on the case.
The requests, which numbered more than a dozen, indicate
that federal prosecutors and the F.B.I. are intensifying their efforts to build
a case against the firm and its executives, including its billionaire founder,
Steven A. Cohen, 56.
The government’s newly aggressive posture led to an unusual
response from the hedge fund. On Friday, SAC told its investors in a letter that
it was no longer fully cooperating with the investigation.
“While we have in the past told you of our cooperation with
the government’s investigation, our cooperation is no longer unconditional,”
the letter said…..
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