Wed, Aug 5, 2015
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. Activist News - Celgene says patent-fighting hedge fund manager wants to short its shares[more]

    From Reuters.com: Celgene Corp, one of the world's largest biotechnology companies, has accused U.S. hedge fund manager Kyle Bass of attempting to profit from his attempts to wipe out several major drug patents through his Coalition for Affordable Drugs. The company asked the U.S. Patent and T

  2. Einhorn's Greenlight Capital hedge fund slumps 6.1 percent in July[more]

    From Reuters/Thefiscaltimes.com: Hedge fund mogul David Einhorn's Greenlight Capital slumped 6.1 percent in July and is now down 9 percent for the year after gold, one of the fund's top holdings, tumbled to five-year lows last week. Greenlight notified clients of its returns late on Friday, ac

  3. Performance - Some hedge fund small-cap energy stocks have been free falling, Dan Loeb's simple strategy destroys the market, Baupost lost 1.4% last quarter as energy bargains proved elusive[more]

    Some hedge fund small-cap energy stocks have been free falling From Marketrealist.com: According to a July 28, 2015, Bloomberg article, there was a 34% fall in small-cap energy stocks over the past three months. These shares are tracked by the Russell 2000 Energy Index. Small-cap energy

  4. Legal - Hedge funds hit Rothstein Kass with $75m malpractice suit, JPMorgan questioned on private bank’s hedge fund disclosures, Kijani fund, seized by regulators in Cayman Islands, spotlights risks in lightly regulated market[more]

    Hedge funds hit Rothstein Kass with $75m malpractice suit From Law360.com: Two investment funds have sued Rothstein Kass & Co. PC for at least $75 million, claiming the New Jersey auditing firm committed accounting malpractice by failing to properly scrutinize overblown valuations of the

  5. Assets - Hedge funds are getting smoked by the commodities slump, Global ETF assets could more than double by 2020[more]

    Hedge funds are getting smoked by the commodities slump From Businessinsider.in: The collapse in commodity prices has burnt another hedge fund. Vermillion, a commodity hedge fund backed by Carlyle Group, has seen its flagship fund's assets fall from nearly $2 billion to less $50 million,

 

banner