Wednesday, 6 May 2015
Last updated 21 hours ago
Nov 4 2013 | 12:13pm ET
SAC Capital Advisors today reached a settlement to end the criminal insider-trading case against it, but the hedge fund giant is far from free-and-clear when it comes to legal troubles.
SAC today agreed to plead guilty to securities fraud charges stemming from the allegedly illegal trades of two portfolio managers, both of whom are to face trial in the coming months, bringing the three-month-old case to a very expensive—SAC will pay some $1.2 billion and will be barred from managing outside capital—close. But the deal does not cover a civil fraud lawsuit against SAC founder Steven Cohen, and does not mean that federal authorities will stop looking for other alleged wrongdoing at the firm.
Indeed, according to The New York Times, prosecutors and the Federal Bureau of Investigation have won another cooperating witness against SAC. That person, who has not been indentified because his or her guilty plea has not been announced, is helping with the investigation of SAC's trading in Gymboree shares—a name that has not previously come up in the SAC probe.
What's more, authorities believe that the Gymboree trades may have involved Cohen himself. To date, Cohen has been directly linked to only one case of alleged insider-trading at his firm, and prosecutors were unable to come up with enough evidence to charge him personally.
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…