Securities Law Prof Blog

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

Tuesday, October 25, 2011

FINRA Flags SAC's Trading Activities

The Wall St. Journal reports that FINRA has, over a period of nine years, made numerous reports to the SEC about its concerns over hedge fund SAC Capital Advisors' trading activities, detailing in confidential reports that the firm may have profited from inside information.  To date, the SEC has not taken any public action against SAC related to the referrals, although it has been previously reported that regulators are examining whether SAC improperly benefited from two takeovers.

To keep it in context, the WSJ points out that in the two years ended Sept. 2010, the SEC received 721 referrals about potential insider trading from SROs.  The SEC launched 90 insider-trading enforcement actions in the same time period.

WSJ, Regulator Flagged SAC Stock Trades .

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