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Update: Prosecutors want up to $2bn in settlement from SAC Capital

Wednesday, September 25, 2013

amb
Steven Cohen
Komfie Manalo, Opalesque Asia:

The number is up. Federal prosecutors are asking between $1.5bn and $2bn to settle the insider trading charges against Steven Cohen’s SAC Capital Advisors, says the Wall Street Journal.

According to the report, the initial talks began late last week at the Manhattan office of U.S. attorney Preet Bharara where Cohen’s lawyer argued for a lower settlement amount for the criminal case. The lawyers also demanded that a separate $616m civil regulatory penalty slapped on the firm earlier be deducted from the criminal sanction. Government prosecutors indicted SAC of engaging in insider trading on July 25.

SAC’s lawyers are to present a counteroffer in the coming weeks, the Journal reports. Cohen is not personally accused in any wrongdoing, and both he and his firm deny wrongdoing. But the government’s investigation into his business activities are still on-going.

According to the Journal, Cohen told his employees he will do his best to protect their jobs and keep SAC running. Meanwhile, he continues running his business as usual. Earlier this week, the New York Post reported that Cohen ’s SAC Capital had initiated negotiations with Federal prosecutors to discuss a sweeping settlement of its the criminal case ......................

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