Sat, Mar 28, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

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

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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner