Bloomberg – A former SAC Capital Advisors LP portfolio manager told the FBI it was \u201cunderstood\u201d that those assigned to give their best trading ideas to founder Steven A. Cohen would provide him with insider information, according to an agent\u2019s notes of the conversation.<\/p>\n
The former fund manager, Noah Freeman, pleaded guilty to securities fraud in February 2011 after speaking to Federal Bureau of Investigation agents and federal prosecutors in New York in late 2010, in a so-called proffer session. Defendants use such sessions to determine whether to cooperate with the government against others.<\/p>\n
\u201cAt SAC Capital you were expected to provide your trading ideas to Cohen,\u201d Freeman said, according to a Dec. 16, 2010, memo written by FBI Special Agent B.J. Kang. \u201cFreeman and others at SAC Capital understood that providing Cohen with your best trading ideas involved providing Cohen with inside information.\u201d<\/p>\n