Judge Orders Hold On Administrative Proceeding Against SAC's Cohen

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An administrative law judge approved a request to stay the U.S. Securities and Exchange Commission's action against SAC Capital Advisors founder Steven A. Cohen, according to an order filed on Thursday.

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Chief Administrative Law Judge Brenda P. Murray approved a request from federal prosecutors in New York to stay the SEC's administrative proceeding accusing Cohen of failing to supervise two one-time SAC employees until after criminal cases against the employees and the $14 billion hedge fund were resolved.

Murray simultaneously denied a request filed by Cohen's lawyers asking that the SEC turn over to Cohen's team the documents related to the case even if it were stayed in favor of the criminal proceedings.

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