Saturday, May 7, 2011

Senator Seeks 'Suspicious Trading' Reports on SAC

Saturday, May 7, 2011

SAC Capital Advisors LLP, one of the nation's most prominent hedge funds, is facing heightening regulatory and legislative heat.

Iowa Sen. Charles Grassley, the top Republican on the Senate Judiciary Committee, sent a letter to Wall Street's major self-regulatory organization asking for any reports reflecting "suspicious trading" involving SAC Capital that it had received from exchanges since 2000.

"The use of nonpublic information for insider trading purposes is sadly alive and well in our nation's financial markets," Sen. Grassley wrote to the Financial Industry Regulatory Authority. "More must be done to investigate and bring these criminals to justice."

In the ...

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