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SAC Capital Seeks Settlement for Insider Trading Charges

Sep 23, 2013
Jing Chen

Lawyers for Connecticut-based SAC Capital Partners reached out to prosecutors last week to settle insider trading charges against the firm and its founder, Steve Cohen.

Bloomberg Businessweek reported that the settlement of the criminal case against SAC Capital would most likely involve a substantial fine around the $1 billion mark.

After a multi-year investigation by the U.S. Attorney’s office, the FBI, and the Securities and Exchange Commission, a grand jury charged SAC Capital in July with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The SEC also charged Cohen for failing to prevent insider trading at his firm.

Cohen has since denied the charges and maintains that he and his firm behaved appropriately.

SAC had about $14 billion in total assets under management as of July 1.

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