He hasn’t said yet whether he’ll manage outside money again, but almost everyone who has ever worked or invested with him is sure he will.
In one clear sign that Cohen feels secure in his salvation, he agreed to an interview with Fortune—only the third time that the publicity-shy trader has spoken with the press about his work, and the first since SAC was charged with insider trading.
At breakfast at his Westchester country club on a high-foliage fall Saturday in early October, he’s wearing what he almost always wears: a half-zip blue sweater with a blue-and-white striped button-down peeking out. “I feel I’m a very blessed person, a very happy guy, and when I look at my career in totality, I wouldn’t trade it for anything in the world.” Graze the memory of 2013, though, and Cohen’s merry expression morphs to stone.
It’s a period he doesn’t like to talk about, a year that in recollection remains dark, painful, and full of shame, one that his friends and associates think he would do better to forget.
“It does seem like Steve Cohen beat the SEC.” After SAC’s guilty plea, the firm was reorganized as Point72, a “family office” that managed Cohen’s personal fortune from the same trading floor in Stamford, Conn.
Point72 has made huge investments in compliance technology and big-data analytical tools.
That afternoon, Cohen had won the battle of his career.The government’s investigation tainted those achievements and threatened to ban him from the industry for life.But in January, the SEC suddenly settled with Cohen, who neither admitted nor denied wrongdoing.” Cohen, whose personal net worth is around billion, demurred. “I don’t really need to.” Scaramucci wasn’t buying it. That, Scaramucci explains later, would be true vindication for a man who has a way of winning when he wants to. Eight people were convicted of having committed insider trading while they worked for him at SAC Capital (though two of those convictions were later overturned), and in July 2013, the Securities and Exchange Commission charged Cohen with failing to supervise them.Damned by the accusations, Cohen retreated as his clients withdrew their money.