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SAC Capital sentenced under $1.8-billion fraud deal
http://www.latimes.com/business/la-fi-sac-sentence-20140410,0,2009689.storyThe hedge fund is ordered to pay $900-million fine in the insider-trading case. SAC Capital's founder, Steven A. Cohen, still faces a civic case brought by the SEC.
SAC Capital sentenced under $1.8-billion fraud deal
Associated Press
April 10, 2014, 1:34 p.m.
The once highflying hedge fund SAC Capital Advisors was sentenced on criminal fraud charges Thursday under a $1.8-billion deal that prosecutors say included the largest criminal fine ever imposed in an insider-trading case.
U.S. District Judge Laura Taylor Swain in Manhattan formally administered the sentence on Stamford, Conn., company SAC Capital and three related entities based on pleas last fall by the companies to wire fraud and securities fraud.
"These crimes clearly were motivated by greed," Swain said.
The judge said nearly $400 million earned illegally by one of the companies was a "staggering amount," reflecting a corrupt corporate culture.