SAC Capital Advisors LP founder Steven Cohen will remain under federal investigation even if prosecutors miss a late July deadline for charging him in the largest insider-trading case in history, Bloomberg News reported yesterday. Cohen probably won’t face charges over July 2008 trades triggered by his then-portfolio manager Mathew Martoma. Martoma is accused of recommending that SAC sell shares of two drug companies, based on an illegal inside tip he received. The five-year statute of limitations deadline for prosecutors to bring charges against Cohen for a series of trades sparked by Martoma’s tip expires July 29 at the latest. Cohen, whose Stamford, Conn.-based firm manages $15 billion, isn’t out of the woods legally should Martoma not say he has evidence against his former boss or investigators not find something incriminating by the end of the month.
