SAC Capital Advisors is urging a federal judge to approve its $1.8 billion insider trading settlement.
Bloomberg Businessweek reported that SAC lawyer Martin Klotz wrote in a two-page letter to U.S. District Judge Laura Taylor Swain that the Connecticut-based firm is “deeply remorseful for the misconduct of each of the individuals who broke the law while employed by them.”
A grand jury charged SAC last July with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. SAC, which pleaded guilty in November to insider trading, agreed to pay a record $1.8 billion fine and to be barred from managing external capital for five years which will need to be approved or rejected by Judge Swain.
SAC, which had about $14 billion in total assets under management as of last year, is expected to manage about $9 billion for founder Steve Cohen once the firm completes its transition to a family office.