Steve Cohen’s SAC Capital Advisors has been given 90 days to pay its record $1.8 billion insider trading penalty.
The New York Times reported that the three-month period would mean that SAC Capital, which changed its name to Point72 Asset Management earlier this month, will have another full quarter to trade. 30 days is typically recommended by federal probation officials.
A federal judge approved SAC’s $1.8 billion settlement last week—which includes a $900 million fine to end the criminal case, as well as a separate $900 million judgment the Connecticut-based hedge fund agreed to pay to end the suit—after the firm pleaded to insider trading in November following charges of wire fraud and securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010.
SAC, which had about $14 billion in total assets under management as of last year, is expected to manage about $9 billion once the firm completes its transition to a family office.