Insider trading inquiry widens at SAC

This is a summary. To read the whole story subscribe to

Four senior executives of the hedge fund SAC Capital Advisors have received subpoenas to testify before a grand jury as part of the government’s intensifying investigation into insider trading at the firm, according to people briefed on the case.

All four executives were issued subpoenas last week, along with the one served on Steven A. Cohen, the owner of SAC. The executives are Thomas Conheeney, the firm’s president; Solomon Kumin, its chief operating officer; Steven Kessler, chief compliance officer; and Phillip Villhauer, the head of trading.

The fresh round of subpoenas angered officials at SAC, which had been fully cooperating in the multiyear inquiry. As a result of the government’s new demands, the fund informed its investors that it was no longer fully cooperating.

Full story for subscribers.

Get the full story with unlimited access to

Just 99 cents for four weeks.