The SAC three

13 November 2009 By Richard Beales Follow @richardbeales1

Exemployees of Steven Cohen s $12bn hedge fund outfit are cropping up in the Galleon insider trading scandal. Cohen s firm isn t implicated. However, his aggressive style helps make him a target.

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Three former employees of SAC Capital, Steven Cohen's hedge fund firm, are involved in some way in the insider trading scandal surrounding the Galleon Group and its founder, Raj Rajaratnam.

Neither SAC nor any current employee has received any subpoenas in relation to the Galleon cases.

Mark Adams was cited but not named in one of the criminal complaints relating to Galleon, according to the Wall Street Journal. He is alleged to have provided nonpublic information in 2008 and 2009 relating to EMC, a technology firm where he once worked, the newspaper reported. During that time Adams worked for Balyasny Asset Management. He joined SAC in 2005 and left in 2007.

Richard Lee, who worked at SAC from 1999 to 2004, is a government witness in the Galleon case. He tried to rejoin SAC this year, according to news reports.

The third name is that of Richard Grodin, who has received a subpoena but has not been accused of any wrongdoing. He worked at SAC in the 1990s and then at Sigma, an SAC division, from 1999 until 2004.

Context News

Three former employees of SAC Capital, Steven Cohen's hedge fund firm, are involved in some way in the insider trading scandal surrounding the Galleon Group and its founder, Raj Rajaratnam.

Neither SAC nor any current employee has received any subpoenas in relation to the Galleon cases.

Richard Lee, who worked at SAC from 1999 to 2004, is a government witness in the Galleon case. He tried to rejoin SAC this year, according to news reports.

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