Wed, Mar 21, 2018
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Court puts SAC Capital civil suit on hold as hedge fund firm eyes family office route

Thursday, September 05, 2013

Steven Cohen
Komfie Manalo, Opalesque Asia:

U.S. District Judge Richard Sullivan in New York on Wednesday granted the request to put on hold the forfeiture case against troubled hedge fund SAC Capital Advisors while the trial over insider trading is ongoing, various media reported.

According to Reuters, Sullivan agreed to a request by prosecutors to delay the civil case against Steven Cohen’s SAC Capital because they said some of the evidences to be presented in the civil suit might hurt the criminal case.

Last week, prosecutors told Sullivan that allowing the civil discovery to proceed "would adversely affect the ability of the government to conduct the prosecution of a related criminal case."

On July 25, U.S. prosecutors filed criminal charges against the $14bn SAC Capital for alleged unprecedented insider trading dating back as far as 1999 and on the same day filed the civil suit against the hedge fund firm and accused it of engaging in money laundering of illegal profits from the scheme by comingling them with the firm’s capital. The government wants to forfeit "all property, real and personal" allegedly derived from insider trading offenses.

In his decision, Sullivan approved delaying the civil suit until January......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. John Paulson, once the industry's largest hedge fund, to return some investors' money[more]

    Komfie Manalo, Opalesque Asia: John Paulson is reported to be retuning some of his investors' money as a number of his hedge funds continue to suffer setbacks, reports

  2. DoubleLine's Gundlach sees U.S. 10-year Treasury yield rising, weighing on stocks[more]

    From Reuters/ Jeffrey Gundlach, the chief executive of DoubleLine Capital and known on Wall Street as the "Bond King," said on Tuesday the yield on the U.S. 10-year Treasury note will likely move higher and pressure riskier assets including equities and junk bonds. Gundlach, on an

  3. SEC charges Theranos CEO Holmes with fraud[more]

    Bailey McCann, Opalesque New York: The SEC has charged Elizabeth Holmes, founder and CEO of Theranos and its former President Ramesh "Sunny" Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about t

  4. Institutional Investors - Overdrawn pension fund scores gains[more]

    From Investments in big banks, pawn shops and rolling papers helped boost public safety workers' underfunded pensions this past calendar years, according to newly released figures. After recording middling returns in recent years, the Police & Fire Pension Fund (P&F) notched

  5. Hot hedge fund loses 21% after bet on volatility goes wrong[more]

    From In December, Shahraab Ahmad shared with his hedge fund clients the principle that helped him trounce peers for two turbulent decades: steer clear of the crowd. He'd turned $50 million into an operation with more than $700 million over three years and delivered market-beating retu