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......................
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