Michael Bowe Comments on Deposition of SAC Founder, Steven Cohen

Michael Bowe Comments on Deposition of SAC Founder, Steven Cohen

Kasowitz partner Michael Bowe was quoted by Bloomberg concerning his 2011 deposition of Steven Cohen, founder of S.A.C. Capital Management, after U.S. investigators subpoenaed the deposition in an SEC investigation against S.A.C. The deposition took place as part of the lawsuit brought by firm client Fairfax Financial Holdings Limited against S.A.C. and a group of other hedge funds who Fairfax alleged conspired to drive down the price of Fairfax’s stock. As part of the examination reported by Bloomberg, Bowe asked Cohen about his familiarity with insider trading rules and Cohen admitted that his understanding of the laws was “very vague” and that he lacked familiarity even with S.A.C.’s own policies, testifying that “I’ve read the compliance manual, but I don’t remember exactly what it says” and that the compliance policy were mere “guidelines.” According to Bowe, “no judge or jury looking at that testimony would believe compliance was taken seriously.” 

Click to view the Bloomberg article, entitled “SAC’s Cohen May Face SEC Suit as Deposition Hurts Case.”