SAC Capital Advisors LP, the hedge-fund firm that agreed to pay a record fine to settle insider-trading charges, moved to boost surveillance by hiring Palantir Technologies Inc., a Central Intelligence Agency-backed software maker. “We have asked ourselves if there are ways to better detect improper activity and to create a clearer picture of the different types and sources of information that enter the firm,” SAC President Thomas Conheeney said in a memo to employees yesterday. SAC in November plead guilty to securities fraud and agreed to pay $1.8 billion to settle U.S. allegations of insider trading. As part of the settlement, billionaire founder Steven A. Cohen, 57, consented to closing his firm to outside investors and returning client money. Eight former employees have pleaded guilty or been convicted of using confidential and material information to profit, while two have settled with federal regulators without admitting or denying wrongdoing. SAC hired Palantir after inviting the Palo Alto, California-based company nine months ago to embed a team within its compliance and technology group, Conheeney said in the memo. Peter Thiel, the venture capitalist and early Facebook Inc. investor, in 2004 co-founded Palantir, which counts In-Q-Tel, the venture arm of the CIA, among its investors.
Posted on: Thu, 20 Mar 2014 12:48:32 +0000
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