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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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SAC Expected to Plead Guilty

Oct 30, 2013
Jing Chen

Connecticut-based SAC Capital Advisors is reportedly expected to plead guilty to securities fraud in its ongoing criminal insider trading case.

The Wall Street Journal reported that Steve Cohen’s SAC could reveal its plea by the end of this week if details are finalized quickly, although the exact timing is not set.

As part of SAC’s settlement, the hedge fund would also need to pay an approximate $1.2 billion fine and Cohen will also be barred from managing external capital for a period of time. The penalty means that SAC would pay the U.S. government a total of nearly $2 billion, which includes a $616 million penalty the firm agreed to in a civil insider trading settlement with the Securities and Exchange Commission in March.

A grand jury charged SAC 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.

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

 

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