U.S. judge accepts SAC guilty plea, OK's $1.2 billion deal

[ProSense]

U.S. judge accepts SAC guilty plea, OK's $1.2 billion deal

By Nate Raymond

(Reuters) - SAC Capital Advisors' $1.2 billion criminal settlement for insider trading received final court approval on Thursday, as a U.S. judge accepted a guilty plea from the hedge fund firm run by billionaire Steven A. Cohen.

At a hearing in Manhattan federal court, U.S. District Judge Laura Taylor Swain accepted SAC Capital's guilty plea to fraud charges and payment of a $900 million fine.

In total, SAC Capital has agreed to pay $1.8 billion to resolve criminal and civil probes into insider trading. The U.S. Department of Justice said that payout is the largest insider trading settlement in history.

"These crimes clearly were motivated by greed, and these breaches of the public trust require serious penalties," Swain said.

- more -

http://www.reuters.com/article/2014/04/10/us-saccapital-crime-idUSBREA391B520140410

[Old Codger]

1. In the future

At some date to be determined there will be a small notice buried somewhere in the back pages of some obscure paper that tells us about another court modifying this settlement on appeal to some smal slap on the wrist amount.

[ProSense]

2. If it's

"At some date to be determined there will be a small notice buried somewhere in the back pages of some obscure paper that tells us about another court modifying this settlement on appeal to some smal slap on the wrist amount."

...lowered to about $800 million, it should still be considered extremely significant.

http://www.democraticunderground.com/10024802019

For now, let this sink.