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Steve Cohen's HF Pays $600M to Settle Insider Trading Charges

Mar 17, 2013
Jing Chen

Stamford, Conn.-based hedge fund advisory firm CR Intrinsic Investors has agreed to pay more than $600 million to settle insider trading charges.

The Securities and Exchange Commission said in a statement Friday that CR Intrinsic, which is an affiliate of Steve Cohen’s SAC Capital, will pay 274,972,541 in disgorgement, $51,802,381.22 in prejudgment interest, and a $274,972,541 penalty. The settlement is considered the largest ever in an insider trading case.

eVestment reported in November that the SEC charged former CR Intrinsic portfolio manager Mathew Martoma of allegedly making over $250 million for the firm using insider information he received regarding a Alzheimer disease drug trial.

Martoma and CR Intrinsic neither admit nor deny the charges.

The SEC also announced Friday that New York-based hedge fund firm Sigma Capital Management, another SAC affiliate, has agreed to pay nearly $14 million to settle charges that the firm engaged in insider trading based on confidential information obtained by one of its analysts. 


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