Investigators “did an extensive investigation of all” SAC Capital Founder Steve Cohen’s electronic communications devices regarding insider trading. Gasparino reported that investigators have “found relatively little on those electronic communications” and without any suspicious information “they don’t have much of a case” against Steve Cohen for insider trading according to FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino.
On whether investigators have enough information to charge Steve Cohen with Insider Trading:
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“Here is what I do know. Interesting tidbits coming out of this investigation. Investigators – we know they tapped Cohen’s phone, we know they did an extensive investigation of all his electronic communications we know they looked at his emails -I mean something that has been described to me by investigators, it’s a kind of term of art among investigators, proctology exam…That’s what they call it inside the FBI and inside the SEC, they’ve looked at his IM’s. From what I hear now, I am getting this from inside SAC Capital, I believe this is pretty accurate because if it wasn’t true the government would have charged Steve Cohen by now, they have found relatively little on those electronic communications. So if you don’t have Steinberg cooperating against Steve Cohen, and I don’t believe he is, they are very close friends. And if you don’t have Martoma doing it, you would wonder if he would be doing it by now, you never know. And you don’t have Steve Cohen involved with electronic communications that are suspicious, they don’t have much of a case. They don’t have a case.”