Steve Cohen Uncertain Of Insider Trading Rules In Newly Released 2011 Deposition Video

Steve-Cohen-Uncertain-Of-Insider-Trading-Rules-In-Newly-Released-2011-Deposition-Video

PBS documentary series Frontline will air a story centered around SAC Capital sometime near January of next year. Once a high powered hedge fund, the now limp and beaten hedge fund just pled guilty to charges of insider trading that have resulted in its closing down its operations to outside investors.

Steve Cohen is the mastermind behind SAC Capital Management, and according to the federal investigators, he is guilty of mismanagement that led to serious insider trading. The investigators have accused him of allowing his employees to participate in a “culture of corporate corruption,” as well as not supervising the activities of his traders closely enough. The allegations of insider trading stem to deals worth millions of dollars.

Frontline Video Footage

PBS is scoring a major coup, as Frontline has released video footage of Cohen that was obtained while the documentary was being filmed. The video shows that Cohen may not have fully understood what qualifies as “insider information” for traders on Wall Street.

At the very least, Cohen is doing a good job of pretending not to understand what insider trading entails. The once-powerful CEO was given a hypothetical situation during his deposition, which left him seemingly confused and completely unaware of exactly what was right and what was wrong.

There is more footage of Cohen claiming that he relies fully on his council and that he may not have read what he called “vague” rules regarding insider trading at Frontline.

Watch the videos below.