Saturday, March 16, 2013

SAC to Pay The Largest Fine Ever For Insider Trading

From Bloomberg: SAC Capital Advisors LP, the hedge fund run by billionaire Steven A. Cohen, will pay a record $616 million to settle U.S. regulatory claims that two of its units engaged in insider trading.

Settlement of the civil allegations against the units doesn’t preclude the Securities and Exchange Commission from pursuing Cohen himself in the future, George Canellos, the agency’s acting enforcement director, said on a conference call with reporters today. The investigation by the SEC continues, as does the criminal case against former SAC portfolio manager Mathew Martoma....

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