The Securities and Exchange Commission couldn't nail Steven A. Cohen for insider trading. So now it's going after him for (allegedly) failing to prevent it.
It's a legitimate basis for a claim that he violated securities laws, after years of investigations by federal regulators and the Justice Department. It just isn't all that satisfying -- a fallback plan that suggests the authorities felt compelled to accuse Cohen of something, anything so they would have something to show for their efforts.
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