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Investors in his fund are demanding a return of their money amid an ongoing federal insider trading probe into SAC. Investors are exiting as the U. The withdrawals increase the odds that Cohen will convert SAC into a family office managing his own fortune. The mood has darkened in the weeks since as Cohen and five other senior staffers were subpoenaed to appear before a grand jury.
Some workers have started putting out feelers for new jobs, and Cohen has reduced his own trading to spend more time with lawyers, said the people. In late May, after the subpoenas arrived, Cohen held a companywide conference call in an effort to calm his 1, employees, two people familiar with the situation said. An outside attorney addressed speculation that prosecutors may go after Cohen and the hedge-fund firm using federal racketeering charges, according to the people.
The pep talk failed to boost morale. Ironwood Capital Management Corp. Spokesmen for Blackstone and Ironwood declined to comment on redemption plans. A spokesman for SAC declined to comment on any internal matters. The redemption expectations inside the firm were reported earlier yesterday by the Wall Street Journal.
Cohen has discussed offering the government a deal in which his firm would pay a fine, admit wrongdoing and close to outside investors to avoid prosecution, a person familiar with his thinking said last month.
The higher-than-average annual fees SAC charges clients — as much as 3 percent of assets and 50 percent of profits — cover the expenses of running his hedge funds, including employee compensation, and generate profits for Cohen as the principal owner. The scrutiny on Cohen and his firm grew in November when former portfolio manager Mathew Martoma was charged in what U. It was the first time the SAC founder was directly linked to trades that allegedly used inside information.