SAC has $1. 68 billion in withdrawals as trading probe deepens
NEW YORK (Reuters) – Hedge fund billionaire Steven A. Cohen is feeling the pinch from the federal government’s insider trading probe as outside investors in his SAC Capital Advisors submitted requests to withdraw a total of $1. 68 billion from the firm by year’s end. The amount of the investor redemption notices exceeds the $1 billion figure Cohen had been telling the 900 employees at his $14 billion hedge fund to expect. The firm was bracing for withdrawals as the insider trading investigation increasingly focuses on the activities of former employees of Cohen’s fund. . . .
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