Top firm 'a veritable magnet for market cheaters'

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The firm was being held responsible for insider trading by at least eight current or former portfolio managers and analysts who worked there.

SAC Capital Advisors pleaded guilty Friday to securities fraud, ending one battle with the U.S. over insider trading as prosecutors prepare for trials of two SAC managers that may yet put its founder, Steven A. Cohen, in jeopardy.

Bloomberg reports that SAC General Counsel Peter Nussbaum entered the guilty plea to securities fraud and wire fraud Friday on behalf of the fund before U.S. District Judge Laura Taylor Swain in federal court in Manhattan.

Cohen didn’t attend the hearing. The plea hearing is continuing.

SAC also agreed to pay a record $1.8bn and shutter its investment advisory business as part of an accord announced 4th November to end both a criminal prosecution and a federal money-laundering suit brought by Manhattan U.S. Attorney Preet Bharara.

The company, indicted in July, was 'a veritable magnet for market cheaters' in an insider-trading scheme that dated back to 1999, Bharara said. The fund was being held responsible for insider trading by at least eight current or former portfolio managers and analysts who worked there, Bharara said.

To access the complete Bloomberg article hit the link below

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image: © Enrico Donelli

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