SAC Capital founder and multibillionaire Steve Cohen has emerged in yet another insider trading complaint.
A civil case filed Thursday by the Securities and Exchange Commission against former SAC tech analyst Ronald Dennis mentioned three unnamed portfolio managers who received his illicit tips — netting SAC $3.8 billion in profits and avoiding losses.
The SEC did not name the portfolio managers, but Bloomberg Businessweek has identified “Portfolio Manager C” as none other than SAC boss Cohen.
The SEC alleges that Portfolio Manager C earned profits of $1.1 million trading off illicit tips about tech company Dell that came from Dennis.
Dennis fed those tips to the other portfolio managers who were his bosses, identified by Businessweek as Alec Shutze and Eric Gerster.
The government’s decades-long insider trading probe has long focused on Cohen.
The powerful investor has not been charged with any criminal wrongdoing. Cohen was directly named in two prior criminal insider trading trials that led to convictions of SAC employees.