Tuesday, 26 July 2016
Last updated 39 min ago
Jul 30 2013 | 12:52pm ET
Now that he's charged SAC Capital Advisors with fraud, Manhattan U.S. Attorney Preet Bharara wants to put a hold on the Securities and Exchange Commission's civil case against the hedge fund's founders.
The SEC sued Steven Cohen for failure to supervise less than a week before Bharara's office hit the hedge fund with criminal insider-trading charges. On Friday, a day after SAC was indicted and the day it pleaded not guilty, Bharara asked an administrative law judge to postpone the SEC's case until after the criminal case is adjudicated.
Bharara said that the SEC does not object to the delay.
Both cases "will involve largely the same witnesses, documents and other evidence," Bharara wrote. "The continuation and disposition of the administrative proceeding as currently scheduled will substantially prejudice the pending criminal prosecutions and hinder the criminal enforcement of the securities laws at issue."
The first hearing in the SEC's case is set for Aug. 26.