Cohen’s Firm Says SEC Proceeding Delayed to at Least Early June

Apr 11, 2014 5:51 pm ET

April 11 (Bloomberg) -- Billionaire Steven A. Cohen’s firm said the U.S. Securities and Exchange Commission’s administrative proceeding against him has been delayed until at least early June, according to a memo sent to employees today.

The agency says Cohen, whose hedge-fund firm changed its name this week to Point72 Asset Management LP from SAC Capital Advisors LP as it became a family office, failed to supervise employees to ensure they complied with securities laws.

SAC’s record $1.8 billion settlement of a U.S. government insider-trading probe was approved yesterday by a federal judge.

Jonathan Gasthalter, a spokesman for the Stamford, Connecticut-based firm with Sard Verbinnen & Co., declined to comment on the memo. John Nester, a spokesman for the SEC, didn’t immediately reply to an e-mailed request for comment.