Tuesday, 30 September 2014
Last updated 42 min ago
Mar 25 2013 | 12:24pm ET
A federal judge will consider SAC Capital Advisors' $616 million settlement agreement with the Securities and Exchange Commission on Thursday.
The pact, struck earlier this month, requires U.S. District Judge Victor Marrero's assent. He scheduled a conference on the proposal last week for March 28.
The settlement, which will be paid by two SAC units, covers the alleged insider-trading of former portfolio managers Mathew Martoma and Jon Horvath. Martoma is accused of running the most lucrative insider-trading scam in history, earning SAC $278 million on confidential tips about Alzheimer's drug trials, and has pleaded not guilty, while Horvath has pleaded guilty and is cooperating with prosecutors on a separate insider-trading case.
SAC has pledged to cover the huge settlement itself and has said it will not be borne by investors.
The deal with the SEC covers only the Martoma and Horvath trades, and does not preclude the agency from pursuing further claims against the hedge fund. The regulator and other authorities are thought to be trying to build a case against SAC founder Steven Cohen, and a SAC portfolio manager who worked closely with Cohen is expected to be arrested on insider-trading charges in the coming weeks.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...