WHEN: TODAY, TUESDAY, MARCH 25TH
WHERE: CNBC'S "SQUAWK ON THE STREET"
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.
KATE KELLY: WELCOME BACK TO SQUAWK ON THE STREET I AM KATE KELLY WITH SOME BREAKING NEWS ON SAC HEDGE FUND MANAGER STEVEV COHEN WHO I UNDERSTAND TO BE CONSIDERING SETTLING WITH THE SEC OVER CIVIL CHARGES THAT HE FAILED TO SUPERVISE TWO ERRANT EMPLOYEES THESE CHARGES FILED LAST JULY JUST DAYS BEFORE A PARALLEL CRIMINAL CASE WAS FILED BY THE JUSTICE DEPARTMENT AGAINST HIS FIRM SAC. SIX TO EIGHT MONTHS LATER A LOT HAS HAPPENED. THE FUND IS NOW ESSENTIALLY A FAMILY OFFICE IT WILL BE CHANGING ITS NAME IN A WEEK OR TWO. THE CRIMINAL SETTLEMENT FOR $1.8 BILLION IS EXPECTED TO BE SETTLED BY APRIL 10 AND IN THE MEANTIME THIS SEC CIVIL CASE IS SET TO RESUME. I AM TOLD THAT THE KEY FOR COHEN WILL BE THE NATURE AND LENGTH OF A PROPOSED SECURITIES INDUSTRY BAN OF SOME SORT. THE HEAD OF ENFORCEMENT LAST SUMMER WHEN THIS CASE WAS FILED AT THE SEC SAID THAT THEY ARE LOOKING TO BAN COHEN FROM MANAGING PUBLIC INVESTOR MONEY CARL. SO OF COURSE THE DEVIL IS IN THE DETAILS FOR COHEN A VERY HANDS ON MANAGER. HE ACTUALLY IS NO LONGER MANAGING PUBLIC MONEY FOR THE MOST PART BUT THE QUESTION WILL BE CAN HE PROVIDE STRATEGIC ADVICE. CAN HE TRADE ASSETS? CAN HE MANAGE HIS OWN TEAM? ALL OF THAT WILL BE AN ISSUE AS THEY LOOK TO RESOLVE THIS ONE WAY OR THE OTHER.
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