Sun, Aug 31, 2014
A A A
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

amb
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. Study shows what resonates with investors: 'Unwavering', 'passionate' beats 'committed', 'dedicated' and more surprises[more]

    Komfie Manalo, Opalesque Asia: A new study by Pershing Square, a unit of BNY Mellon company, showed that an effective value proposition strengthens audience connections and fosters growth, yet many advisors have had little objective guidance in formulating such statements until now. In the

  2. Comment – Why you should avoid the hottest hedge fund hands, Swedroe attacks Hussman over risk management, relative value strategy[more]

    Why you should avoid the hottest hedge fund hands FromCNBC/Yahoo.com: Investors who don't have money with Pershing Square Capital Management are likely salivating at the hedge fund's industry-leading 26 percent return from January through July. But investing with Bill Ackman and other to

  3. AIMA makes 'the case for hedge funds'[more]

    Bailey McCann, Opalesque New York: The Alternative Investment Management Association (AIMA), the global hedge fund industry body,

  4. Managed futures' global diversification is important in next phase of economic recovery[more]

    Komfie Manalo, Opalesque Asia: The global diversification provided by managed futures may prove to be extremely valuable as the markets enter the next phase of the economic recovery, said Campbell & Company, a pioneer in absolute return invest

  5. Ex-UBS prop trader's hedge fund Manikay Partners eyes UK launch[more]

    From eFinancialnews.com: Manikay Partners, a $1.7 billion US multi-strategy hedge fund set up in 2008 by a proprietary trader from UBS with backing from Goldman Sachs, is planning to open in the UK. New York-based Manikay's move into Europe comes after Financial News revealed on Monday that Aurelius