FORTUNE -- Ronald Dennis will likely be the last person from SAC Capital to be charged with insider trading.
On Thursday afternoon, the Securities and Exchange Commission alleged that Dennis, while working as an analyst at SAC Capital and an affiliate firm, made or avoided losses of $3.75 million for the firm by trading on illegal tips about Dell and another tech company called Foundry. Dennis got the tips on Dell, shortly before the computer maker announced its quarterly earnings, from Jesse Tortora, who worked at a rival hedge fund Diamondback Capital. Tortora allegedly got the info from someone at Dell.
Dennis's involvement in SAC's insider trading activities was already known, and it's likely he cooperated with the government. Tortora and Diamondback were charged along with other hedge fund managers with insider trading back in 2012. Matthew Teeple, an analyst at an advisory firm who allegedly passed Dennis the tip about Foundry, was charged last year with insider trading.
Unlike the others, Dennis appears to have escaped criminal charges. In a throwback to pre-financial crisis justice, Dennis settled the charges with the SEC by paying a fine and agreeing to be barred from the Wall Street. He neither admitted nor denied the charges.
The fact that the SEC is closing the book on a cooperating witness is another sign that the government is unlikely to bring any further charges against Steven A. Cohen and that it is winding down its case against the hedge fund billionaire. Cohen is still fighting a civil proceeding from the SEC that could bar him from managing other people's money. But he has not been charged with any criminal wrongdoing despite the fact that eight other traders at his firm have been subject to such charges.
Last month, former SAC trader Mathew Martoma was found guilty of insider trading. The conviction led to some speculation that the government would revive its case against Cohen. Instead, the government seems to be packing up. And settling with a witness is just another sign of that.
Earlier this week, Cohen renamed his firm -- which has given back all of the money it held from outside investors but still manages Cohen's billions -- as Point72 Asset Management. It is located in the former office space of SAC Capital. You can send your congratulations cards there.
There already is almost no competition in the broadband Internet market, and the Feds can't come in and create competition where there isn't any to begin with.Christopher Matthews - Feb 13, 2014 12:36 PM ET
Compared to the SEC, it's incredibly unlikely JPMorgan has had a shortage of financial experts capable of detecting Madoff's Ponzi scheme. The bank received several red flags but they went nowhere.Nin-Hai Tseng, Writer - Jan 8, 2014 5:00 AM ET
The deal is a bigger loss for SAC, and perhaps the government, than it is for Stephen Cohen.
FORTUNE -- We now have a much bigger number for how much money average investors lose to insider trading. It's at least $1.8 billion.
That's how much money SAC Capital agreed to pay on Monday, along with pleading guilty to the criminal insider trading charges. The question is whether getting to that number, and MOREStephen Gandel, senior editor - Nov 5, 2013 8:58 AM ET
Why is the Justice Department fighting the bank just so it can hand a pile of money to hedge funds?
FORTUNE -- The Justice Department's proposed $13 billion settlement with JPMorgan Chase over mortgage misdeeds has stalled, and the issue appears to be this: Who should pay for WaMu's poo?
The Justice Department says JPMorgan (JPM). JPMorgan says an FDIC trust. The correct answer may not be the one you think.
Here are MOREStephen Gandel, senior editor - Oct 31, 2013 1:58 PM ET
With a reported $13 billion settlement, JPMorgan has put the rest of the banking industry at risk of further government attacks, and it has raised the bar for potential fines from the big banks.
By Cyrus Sanati
FORTUNE -- JPMorgan's reported $13 billion settlement with U.S. authorities over shady investment practices sets a precedent that could have ghastly consequences for the bank, as well as for its main rivals. In rolling MOREOct 21, 2013 10:22 AM ET
Despite a slew of private suits, the government apparently can't find anything wrong with Morgan Stanley.Stephen Gandel, senior editor - Aug 26, 2013 5:00 AM ET
Lots of people at JPMorgan worked together to hide losses from investors and regulators. Only two of them may be going to jail.
FORTUNE -- Long live the Whale.
The most fascinating thing about the government's charge that JPMorgan Chase employees committed fraud in connection with the bank's $6 billion trading loss, and the one that will have the largest reverberations for Wall Street, is not who is being charged, but who MOREStephen Gandel, senior editor - Aug 14, 2013 3:31 PM ET
Jamie Dimon's firm's legal woes just got a bit worse.
FORTUNE -- The Justice Department has concluded that JPMorgan Chase broke federal securities law in connection with subprime and Alt-A mortgage bonds that the firm sold between 2005 and 2007.
The bank disclosed that it had received the notice of violation in May on Wednesday in its regular quarterly earnings filing with the Securities and Exchange Commission. The bank, which is the MOREStephen Gandel, senior editor - Aug 7, 2013 6:23 PM ET
With evidence this solid, it's fair to ask once again whether Wall Street regulators are being too tepid.Stephen Gandel, senior editor - Jul 25, 2013 3:09 PM ET
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