Sat, Jan 31, 2015
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. Opalesque Exclusive: Ex-Citi trader launches 'sleep-at-night’ long/short equity fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: After working at Citi's proprietary trading desk, managing a large portfolio between 2008 and 2011, Joel S. Salomon founded SalaurMor Management in New Yor

  2. Investing - U.S. investors favor currency hedged Europe ETFs as euro tumbles, Quants win back investors as Swiss franc fuels volatility gains, David Einhorn's $7bn hedge fund is loading up on this stock, Hedge fund BlueMountain Capital unveils Ocwen Financial short, claims default on notes[more]

    U.S. investors favor currency hedged Europe ETFs as euro tumbles From Reuters.com: U.S. investors stung by the falling euro who want to stay invested in Europe are turning to exchange-traded funds designed to strip out the impact of the region's currency. The biggest among so-called "cur

  3. News Briefs - Millennials use tech tools to jump into investing, Winklevoss twins to launch bitcoin exchange with FDIC insured deposits, Robertson’s legacy from hedge funds to New Zealand, Real estate managers exploring smaller open-end funds[more]

    Millennials use tech tools to jump into investing It is the Facebookification of monetary investing. From social networking platforms that enable young investors to stick to every other's stock-picking mojo, to internet sites for initially-timers hungry for a piece of the Silicon Valley

  4. Update: Prosecutors seek 12 years for hedge fund manager Francisco Illarramendi[more]

    Komfie Manalo, Opalesque Asia: Federal prosecutors have asked the court to sentence convicted hedge fund manager Francisco Illarramendi to 12 years imprisonment for running an elaborate Ponzi scheme that bilked investors hundreds of millions in dollars, including a Venezuelan pension fund, report

  5. Institutions - Ontario pension fund leader calls all asset classes ‘expensive’, Taiwan's BLF plans $2bn in alternative mandates[more]

    Ontario pension fund leader calls all asset classes ‘expensive’ From WSJ.com: The head of one of the world’s largest pension funds said that across asset classes, “everything is expensive.” Ron Mock, who leads Canada’s $141 billion Ontario Teachers’ Pension Plan, said that the plan would