Facing probe, Steve Cohen's shrinks trading book

SAC moving closer to settlement: CNBC's Kelly

Amid a raft of legal actions that could ultimately halt his management of outside assets, SAC Capital founder Steve Cohen has slashed the size of his trading book, said people who work with him.

Three or four years ago Cohen, who owns the entire firm himself, traded as much as $4 billion in capital on a given day, a significant proportion of its assets under management.

Today, as SAC labors to settle criminal charges of insider trading, a deal that could lead to a fine in the $1.5 billion range, the size of his personal trading book has sunk to as low as $1billion, said someone who works with him.

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