Tuesday, 5 May 2015
Last updated 12 hours ago
Nov 4 2013 | 9:20am ET
SAC Capital Advisors is set to finalize its plea agreement with federal prosecutors today—a deal that will see the hedge fund giant plead guilty to securities fraud charges and be temporarily barred from managing outside capital.
Representatives of the hedge fund and the U.S. Attorney's office in Manhattan will sign the settlement documents today. Details of the agreement—which will include at least one securities fraud count, but no admission of promoting insider trading—will be announced shortly afterwards, CNBC reports.
SAC is expected to pay a $1.8 billion—with the $616 million it paid earlier this year to settle other insider-trading charges counted against the total. It will also agree to forego managing outside capital for a period of time, although it will be allowed to return its remaining client money in an orderly fashion. Investors have already moved to redeem substantially all of SAC's outside capital, and SAC will de-register with the Securities and Exchange Commission.
SAC will still have about $9 billion, all of it belonging to founder Steven Cohen.
Prosecutors will file an amended complaint against SAC as part of the settlement.
The deal does not cover the SEC's civil fraud lawsuit against Cohen, which accuses him of failing to supervise his employees.
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…