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

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.