Prosecutors Seek Hold On SAC Forfeiture Lawsuit

Aug 30 2013 | 10:53am ET

Prosecutors are making good on their pledge not to shut SAC Capital Advisors down while they seek its conviction on criminal insider-trading charges.

The government asked a federal judge to put its civil forfeiture lawsuit against the hedge fund on hold until after the criminal case is disposed of. The civil suit seeks the forfeiture of "all property, real and personal," derived from the hedge fund's alleged insider-trading, and prosecutors have said they will seek to seize substantially all of SAC's assets if it is convicted. The government has also said it would not interfere with SAC's payment of redemptions to investors, which are expected to leave it with little or no outside capital by the end of the year.

"Civil discovery would adversely affect the ability of the government to conduct the prosecution of a related criminal case," prosecutors said today.

The government a month ago accused SAC of running a decade-long insider-trading scheme. SAC has denied any wrongdoing.


In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note