Sunday, 29 March 2015
Last updated 1 day 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…