Sac Capital's Steve Cohen told investors yesterday he is determined to clean up the $14 billion hedge fund that has seen five former employees either plead guilty or confess to insider trading.
Cohen, in a May 2 letter to investors — a copy of which was obtained by The Post — said that starting Jan. 1, 2014, SAC will claw back compensation of any analyst or portfolio manager whose conduct leads to regulatory or criminal sanctions.
SAC will also claw back deferred compensation for those who leave during or after a probe.
Cohen is also beefing up his compliance department by adding nine people to its 36-person team. And he is limiting employee calls to four a year to any single person in an expert network, where much of the insider trading has occurred.
Cohen, who said he was "buffeted" by news of employees who have "pleaded guilty to, or have been accused of, insider trading," is considered the ultimate target of US Attorney Preet Bharara's seven-year insider trading probe.
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