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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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Judge Needs Time to Approve SAC Capital Insider Trading Deal

Nov 11, 2013
Jing Chen

SAC Capital Advisors’ guilty plea to insider trading last Friday is still awaiting approval from a judge.

The New York Times reported that Judge Laura Taylor Swain of Federal District Court in Lower Manhattan said she would review the case and reserve judgment until March, although it is likely that she will sign off on the deal.

The article also added that if the judge does not approve the deal, SAC can withdraw its guilty plea.

Under the deal, Connecticut-based SAC would also pay a $1.2 billion fine -- one of the largest insider trading settlements by a large Wall Street firm. 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 SAC founder Steve Cohen in a civil lawsuit 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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