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

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note