To Catch a Trader

Steven A. Cohen has been given a hypothetical: Would he be comfortable with his traders buying or selling a stock based on a tip from a reporter about an imminent negative news story. The hedge fund titan struggles to answer, saying, "It really comes down to where they heard that."

Hedge fund titan Steven A. Cohen spars with attorney Michael Bowe over whether traders at his firm, SAC Capital, must "strictly adhere" to the company's compliance manual.

Under investigation for insider trading, hedge fund titan Steven A. Cohen tells an attorney in a never before seen deposition that, "The way I understand the rules, they're very vague."

A deposition with Steven A. Cohen turns testy when the secretive billionaire is asked whether he takes seriously the issue of insider trading. Asked about his understanding of federal guidelines on trading nonpublic information, Cohen responds, "I rely on my counsel."

FRONTLINE correspondent Martin Smith goes inside the dramatic hunt that uncovered the biggest insider trading scandal in U.S. history, drawing on exclusively-obtained video of hedge fund titan Steven A. Cohen, incriminating FBI wiretaps, and interviews with both Wall Street and Justice Department insiders.