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Judge Postpones SAC Forfeiture Case

Sep 04, 2013
Jing Chen

The forfeiture case against SAC Capital Advisors has been delayed until January 6 while the government pursues insider trading prosecutions tied to the hedge fund.

Bloomberg reported that the postponement of the case is warranted until the insider trading cases against the Connecticut firm, and SAC fund manager Michael Steinberg and former SAC portfolio manager Mathew Martoma are finalized. Prosecutors claim that allowing depositions and document discovery to proceed would hurt the criminal cases.

SAC was charged with fraud last month for allegedly allowing insider trading to go unchecked from 1999 through at least 2010, while U.S. prosecutors filed a revised indictment in the insider trading case against Martoma last month that accused the former portfolio manager of making over $250 million for SAC using confidential information he received from two doctors regarding an Alzheimer disease drug trial.

SAC had about $14 billion in total assets under management as of July 1 and will continue to operate amidst the insider trading cases.


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