U.S. derivatives regulators said on Tuesday they have barred billionaire SAC Capital Advisors founder Steven A. Cohen from registering and managing commodity hedge funds.
That restriction will be lifted in 2018, lining up with a separate settlement from the Securities and Exchange Commission for Cohen to be able to manage outside money.
The Commodity Futures Trading Commission's decision comes after the SEC separately took action against Cohen for allegedly failing to supervise employee Matthew Martoma, who is currently serving prison time for insider-trading.
Cohen has agreed "not to engage in any activity requiring registration with the CFTC or to act as an officer or employee of any person registered or required to be registered with the CFTC until at least December 31, 2017," according to the CFTC's press release.
Cohen, who now manages his fortune at his family office Point72 Asset Management, has previously made moves to manage outside money again once the government's restrictions are lifted in 2018. That would be under a new firm, Stamford Harbor Capital.
"We're pleased to have resolved this matter," Point72's spokesman, Mark Herr, said in a statement.
"The CFTC settlement has no impact on the Point72 family office and Steve's compliance with both settlements means there should be no impact on the future of Stamford Harbor Capital," Herr added in his statement to Business Insider.
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