Steven Cohen, the billionaire founder of hedge fund firm SAC Capital Advisors LP, does not oppose a request to delay the US Securities and Exchange Commission (SEC) action against him provided that he is given prompt access to the agency’s investigative records.
Cohen’s lawyers, in a response filed on Friday in administrative court in Washington, said they would have “insufficient time” to review the SEC’s documents adequately before the proceeding if they are not produced until the stay is lifted.
Manhattan US Attorney Preet Bharara asked on July 26 to delay the SEC’s case until related criminal matters against Cohen’s firm and two former employees were resolved.
“The pendency of related criminal proceedings should not serve as a reason to delay the production of the SEC’s investigative file in this proceeding,” Cohen’s attorneys wrote in the filing.
While there is “undoubtedly some overlap” in the civil and criminal investigative files, the SEC has indicated it has as much as five times the amount of data as federal prosecutors, Cohen’s lawyers said.
Bharara in July announced criminal charges against SAC Capital, calling it “a veritable magnet for market cheaters.”
The SEC accused Cohen of failing to supervise two former employees currently facing criminal charges that they traded on non-public information.
The SEC’s chief administrative law judge, Brenda Murray, had scheduled an initial hearing in Cohen’s matter for Aug. 26.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy