Tue, Oct 21, 2014
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

Banner

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. Opalesque Exclusive: What's next for trend followers?[more]

    Bailey McCann, Opalesque New York: New research out from Ibbotson touches on a key debate happening among investors and fund managers, specifically whether long term trend followers can survive in the new

  2. Commodities - Oil wreaking havoc on small-cap energy stocks sliding 36%[more]

    From Bloomberg.com: Owning almost anything in the U.S. stock market has been a losing proposition since September. Owning smaller energy companies has been a catastrophe. Hercules Offshore Inc. and Resolute Energy Corp. are among 19 oil-and-gas equities in the Russell 2000 Index that lost more than

  3. Investing - Hedge funds favor equity long/short, Strategic bond managers hedge against further high yield sell-off[more]

    Hedge funds favor equity long/short From Securitieslendingtimes.com: Equity long/short strategies will generate good returns for hedge funds in the future, according to a panel at this year’s Risk Management Association Conference on Securities Lending in Naples, Florida. Panellists Sand

  4. Legal - Ex-hedge fund analyst weeps as judge hands down 5 year sentence, Former Columbus investment manager Steven P. Moore indicted on theft charges, SEBI confirms ban for Hong Kong hedge fund, SEC announces enforcement action against compliance officer[more]

    Ex-hedge fund analyst weeps as judge hands down 5 year sentence From Hereisthecity.com: An ex-hedge fund analyst was sentenced to 5 years in prison for his role in insider-trading scheme. The New York Post reports that former hedge fund analyst Matthew Teeple was sentenced Thursday to fiv

  5. Sparx optimistic about outlook for Japan[more]

    Benedicte Gravrand, Opalesque Geneva: According to SPARX, there are causes to be optimistic about the outlook for the Japanese market and the country's economy in general. Sparx Asset Management is a Tokyo-based asset manager, part of