Sun, Aug 28, 2016
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. Strategies - The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I, Hedge funds get more pushback on terms as enthusiasm for strategy wanes[more]

    The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I From IBTImes.co.uk: To illustrate a strategic gap common to today's portfolio managers, George Sokoloff, PhD, founder and CIO at Carmot Capital, proposes an interesting thought experiment – a breakdown of

  2. Institutional investors - Investors set to increase allocation to private debt, With investment income key, Richmond retirement system faces funding challenges[more]

    Investors set to increase allocation to private debt Investors are set to increase their allocation to private debt, with 60% revealing they believe the private debt market will grow over the next 12 months, according to a new study by Elian, a leading funds services provider. 41%

  3. Investing - Hedge funds snap up banks, unload Apple, Some of hedge funds' favorite stocks are finally starting to beat the market, Einhorn's Greenlight shifts positions, Treasury yield climbs to two-month high as Fischer joins hawks, 9 stocks smart investors put their money in last quarter[more]

    Hedge funds snap up banks, unload Apple From Barrons.com: Prominent hedge funds have a newfound love of big banks, and some have a distaste for shares of Apple, regulatory filings released last week show. The filings suggest that the funds have been pivoting their portfolios in recent mon

  4. Chesapeake energy seeks $1 billion loan to refinance debt[more]

    From Bloomberg.com: Chesapeake Energy Corp. is seeking a $1 billion loan as the company battered by cratering fuel prices and credit downgrades takes a step to address its $9 billion debt load. The natural gas producer hired Goldman Sachs Group Inc., Citigroup Inc. and Mitsubishi UFJ Financial Group

  5. Institutions - Nordic pension funds magnify focus on unlisted and direct investing, building up teams[more]

    From IPE.com: As bond yields remain at low or negative levels, pension funds and other institutional investors in the Nordic region are stepping up efforts to find higher returns by adding more unlisted investments to portfolios and are expanding in-house teams in order to do this, according to new