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Post by bot on Nov 4, 2013 22:27:21 GMT -5
SAC to pay $1.8 bln over insider-trading charges
NEW YORK (MarketWatch) - SAC Capital, the hedge fund accused of insider trading, will pay $1.8 billion in a guilty plea to charges brought by the Department of Justice. The penalty is the largest the U.S. has ever levied for insider-trading offenses. The hedge fund also must close its business to outside investors, meaning it can invest only on behalf of its own employees. Preet Bharara, U.S. attorney for Manhattan, called the penalties "steep but fair" and "commensurate with the breadth and duration of the charged criminal conduct." SAC Capital, named for founder Steven A. Cohen, had previously denied wrongdoing.
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