When, in 2013, SAC agreed to pay $1.2 billion to settle charges that it tolerated rampant insider trading it was one of the highest-profile successes in the government's aggressive push against insider trading.

Still, connecting Cohen, one of the richest people on the world, directly to those misdeeds has remained elusive. And on Friday, the Securities and Exchange Commission essentially conceded. The Wall Street watchdog settled its nearly three-year old civil case against Cohen, who was accused of failing to properly supervise employees, with no financial penalty.


Cohen's new firm, Point72, which manages his $10 billion personal fortune, must hire an independent consultant to make sure it complies with securities laws. Once at risk of being banned from the industry for life, Cohen can begin managing others' money again in 2018, under the agreement.

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