Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, November 10, 2010

Rabbi Convicted of Trying to Extort Hedge Fund

The dean of a Hebrew day school in Brooklyn, Rabbi Milton Balkany, was convicted of trying to extort $4 million for his school from SAC Capital Advisers, a hedge fund, and its founder Stephen A. Cohen.  The jury found that Balkany claimed to be a spiritual adviser to an inmate who had information about insider trading activities of the hedge fund and demanded the money to keep quiet.  SAC cooperated in the investigation.  WSJ, Rabbi Tried to Scam Hedge Fund Titan

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