Steve Cohen may be ready to exhale.
The New York Post reports that an expected $1.2bn deal between Cohen’s SAC Capital Advisors hedge fund and prosecutors to settle criminal insider-trading charges against the firm could insulate the billionaire investor from criminal charges, according to a report.
In the deal, expected to be announced within days, SAC will plead guilty to securities fraud and pay the massive fine. It will also agree to quit managing outside investor capital - becoming a family office solely to manage Cohen’s $9bn fortune.
As part of the deal, a long-running criminal probe of Cohen will continue, but no charges are expected against him, the Wall Street Journal reported Tuesday, quoting people familiar with the deal.
White-collar criminal experts have long suspected that any SAC settlement would have to protect Cohen, the firm’s founder and owner, from similar criminal charges.
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