U.S. prosecutors have concluded that they don't have enough evidence against hedge-fund billionaire Steven A. Cohen to file criminal insider-trading charges against him before a July deadline, the Wall Street Journal reported today. Investigators probing the biggest alleged insider-trading scheme in history have been eyeing the Cohen and his namesake SAC Capital Advisors LP hedge-fund firm for a decade, suspicious that some of its trading profits were too good to be legitimate. Prosecutors filed criminal charges last November against a portfolio manager at an SAC affiliate who was close to Cohen—and kept trying to work their way to the top. But this month's deadline is likely to come and go without any action against Cohen. The deadline is tied to a five-year statute of limitations to file criminal charges related to his trading activity with the portfolio manager, Mathew Martoma.
