Mon, Jan 23, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SAC enters guilty plea in insider trading case

Tuesday, November 05, 2013

Bailey McCann, Opalesque New York:

Troubled hedge fund SAC Capital Advisors will plead guilty to an insider trading probe launched by the Securities and Exchange Commission (SEC).

The guilty plea is part of a broader settlement over the insider trading charges, as part of that settlement the fund will pay $1.8bn, the largest fine to date for an insider trading case. News of the settlement came today, November 4th, from federal prosecutors.

As part of the settlement the fund is also banned from managing outside money for a five year period, although a family office will likely be set up to continue managing Mr. Cohen's personal wealth. Mr. Cohen himself is facing the possibility of a personal ban from managing outside money as part of a separate civil case.

Preet Bharara, the United States attorney in Manhattan said in a press conference on Monday that the settlement should show that the regulator is not afraid to go after the biggest firms.

The settlement is also a notable capstone to some 70 insider trading cases that have seen settlements and/or convictions over the past couple of years. The SEC and federal prosecutors have indicated that they plan to continue leaning hard on financial services, looking closely for instances of fraud.

The New York Times first reported this morning on a variety of items still outstanding in......................

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. Investing - This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally, Hedge fund legend David Einhorn is making a big bet on GM, After impressive 85% return in 2016, hedge fund looks to Canadian gold producer, small banks[more]

    This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally From Forbes.com: Can bank stocks continue to rise after a 28% surge in the KBW Bank Index in 2016, fueled by a post-election rally as stock pickers returned to the beaten down sector? Forget the s

  2. SWFs - China sovereign wealth fund CIC plans more U.S. investments[more]

    From Reuters.com: China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as wel

  3. Some hedge funds strong start in 2017 nice contrast to 2016[more]

    With the 2016 HSBC Hedge Weekly performance rankings in the books - a year in which the same leader-board entries pretty much dominated unchallenged throughout the year - comes a new leader board that is a hard-scrabble mix of hedge fund styles and categories. What is clear after but a few short wee

  4. Macro hedge funds and CTAs outperform in December on strong dollar[more]

    Komfie Manalo, Opalesque Asia: The last month of 2016 saw risk assets climbing higher, as part of expectations that the new U.S. administration will remove barriers to growth and investment, Lyxor Asset Management said. December also saw the Fed hik

  5. Opalesque Exclusive: Roxbury credit events UCITS gathers more assets[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The Roxbury Credit Events Fund, launched in September 2015, was up 4.24% in 2016, having returned seven positive months during the year. The managers raised