U.S. securities regulators accused Steven A. Cohen of ignoring "red flags" that should have alerted him to insider trading at his hedge-fund firm and moved to ban the billionaire for life from the industry where he made his fortune, the Wall Street Journal reported today. After circling Cohen for years, the Securities and Exchange Commission filed an administrative action against him on Friday. It marked the first time he was personally accused of wrongdoing in a long-running insider-trading probe. Cohen still faces a criminal insider-trading probe that is continuing. However, the Wall Street Journal previously reported that prosecutors had concluded they don’t have enough evidence to file criminal insider-trading charges this month against Cohen personally. Read more.
