Thu, Aug 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

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. Institutions – Texas Employees sets 2015 tactical plan for alternatives, CalPERS' real estate consultant cautions the pension fund's investment committee, Why Sunsuper likes hedge funds[more]

    Texas Employees sets 2015 tactical plan for alternatives From PIOnline.com: Texas Employees Retirement System will invest in up to four new hedge funds in the next fiscal year, which begins Sept. 1. Trustees approved 2015 tactical investment plans for the hedge fund, private equity and in

  2. Private equity follows hedge funds into reinsurance for long-term capital[more]

    From Artemis.bm: It’s not just hedge funds that are entering the insurance and reinsurance market in search of so-called long-term capital to put to work in their strategies, private equity firms targeting the space are also seeking opportunities to add assets under management. The entry of large pr

  3. North America – New York City’s next hot neighborhoods targeted with property funds[more]

    From Bloomberg.com: New York’s real estate world is filled with tales of ordinary people who bought property decades ago and saw values skyrocket to the millions. Seth Weissman is seeking investors to get in early on the next hot neighborhoods. The veteran of Goldman Sachs Group Inc. and hedge

  4. Investing – George Soros bets $2bn on stock market collapse, Warren Buffett's Berkshire reveals Charter stake, cuts DirecTV, Hedge funds lusting to cash out of MGM, Top hedge fund managers are buying Ally Financial, Hedge funds dumped 5m Herbalife shares in Q2, Paulson & Co hedge fund ups Puerto Rico real estate bet, Netflix Inc., Citigroup Inc, Google Inc are top new picks in Tiger Management’s 13F[more]

    George Soros bets $2bn on stock market collapse From Newsmax.com: Billionaire investor George Soros has increased his financial bet that U.S. stocks will collapse to more than $2 billion. The legendary hedge fund manager has been raising his negative bet on the Standard & Poor's 500 Inde

  5. Investors now net short S&P500 and increased Russell shorts, technicals suggest further selling[more]

    Komfie Manalo, Opalesque Asia: Market Neutral funds increased their market exposure to -1% net short from -6% net short last week, according to Bank of America Merrill Lynch’s Hedge Fund Monitor. The report also added