Billionaire hedge-fund honcho Steve Cohen is likely to avoid getting slapped with criminal charges related to a massive insider trading scheme ahead of a July 29 deadline, according to a report Thursday.
The New York Post reports that prosecutors have been probing Cohen and his SAC Capital for years, but as the late-July deadline looms, they have not been able to flip Mathew Martoma, a former top SAC trader, to gain key evidence and therefore feel the deadline will pass without an indictment, the report, citing people familiar with the situation, maintained.
Hard-hitting Manhattan US Attorney Preet Bharara, who has been pursuing Cohen like Captain Ahab chased his prey and has already rung up dozens of insider-trading convictions and guilty pleas, may be forced to change strategies on Cohen.
For the 57-year-old Stamford, Conn., investor, news that the July deadline will come and go without any charges being filed has to taste sweet.
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