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SAC to plead guilty in insider trading case: prosecutors
Source: Reuters
SAC to plead guilty in insider trading case: prosecutors
By Emily Flitter
NEW YORK | Mon Nov 4, 2013 11:07am EST
(Reuters) - Steven A. Cohen's embattled hedge fund SAC Capital Advisors will plead guilty in federal court and pay $1.8 billion to settle charges stemming from an insider trading investigation that lasted more than five years, prosecutors said on Monday.
The two sides reached a settlement agreement which, if approved by a judge, would also resolve a civil forfeiture action against SAC and its affiliates, prosecutors said.
Sources have told Reuters the total settlement amount will include a $616 million penalty that SAC had already agreed to pay earlier this year to settle civil lawsuits by the U.S. Securities and Exchange Commission for insider trading will count towards the latest deal.
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By Emily Flitter
NEW YORK | Mon Nov 4, 2013 11:07am EST
(Reuters) - Steven A. Cohen's embattled hedge fund SAC Capital Advisors will plead guilty in federal court and pay $1.8 billion to settle charges stemming from an insider trading investigation that lasted more than five years, prosecutors said on Monday.
The two sides reached a settlement agreement which, if approved by a judge, would also resolve a civil forfeiture action against SAC and its affiliates, prosecutors said.
Sources have told Reuters the total settlement amount will include a $616 million penalty that SAC had already agreed to pay earlier this year to settle civil lawsuits by the U.S. Securities and Exchange Commission for insider trading will count towards the latest deal.
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Read more: http://www.reuters.com/article/2013/11/04/us-sac-insidertradingdeal-idUSBRE9A30F420131104