Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a714425
Hedge fund agrees record $1.8bn insider dealing fine
by David Campbell on Nov 05, 2013 at 08:00
Hedge fund SAC Capital has agreed to pay $1.8 billion in fines over allegations of wire fraud and four counts of securities fraud in one of the largest criminal cases ever brought against a hedge fund.
The payment fails to altogether remove the cloud hanging over boss Steve Cohen however, with investigators continuing to study his trading history, according to press reports.
The $1.2 billion fine over criminal wrong-doing followed $6.6 million SAC paid earlier this year to cover civil insider trading charges issued by US regulator the Securities & Exchange Commission.
In addition to pleading guilty to fraud, the fund also agreed to close to new investors.
In a statement, the company said: ‘Responsibility for the handful of men who pleaded guilty and whose conduct gave rise to SAC’s liability. The tiny fraction of wrongdoers does not represent the 3,000 honest men and women who have worked at the firm during the past 21 years’.
News sponsored by:
Today's top headlines
More about this:
On the road
on Dec 06, 2013 at 14:28