Michael Bowe Comments on Indictment of SAC Capital Advisors
Kasowitz partner Michael Bowe was interviewed on CNBC and Bloomberg TV, as well as quoted in the Rolling Stone and The Globe and Mail, regarding the indictment of SAC Capital Advisors LP. In late July, the SEC announced a civil charge against Steven Cohen, founder of SAC Capital, for failing to supervise two senior employees and preventing them from insider trading. The SEC is also seeking to bar Cohen from overseeing investor funds. Days later, the FBI and the Federal Justice Department filed criminal fraud charges against SAC Capital and its affiliates.
Back in 2006, Michael Bowe represented Fairfax Financial Holdings Ltd. in a lawsuit against SAC claiming that they are a criminal organization who makes profits on insider trading and other manipulative conduct. When asked in an interview by CNBC about the strength of the supervision charge against Cohen, Bowe claims that he has read the complaint and thinks that the evidence is “unbelievably damning” and is a “slam dunk” failure to supervise case. In an interview with Bloomberg TV, Bowe shares that the criminal indictment of SAC is “of zero surprise to me, my clients, and, I think, most people who are familiar with how SAC has worked over the years.” Although the case with Fairfax is currently on appeal, The Globe and Mail article indicates that these most recent charges against SAC could invigorate Fairfax’s appeal and make it more persuasive. As Bowe reiterates, “Fairfax is confident its claims against SAC will soon be reinstated and it will try its claims against a criminally convicted SAC.”