Wednesday, 27 August 2014
Last updated 8 hours ago
Nov 5 2013 | 8:12am ET
It did not take long for SAC Capital Advisors to violate its $1.8 billion plea agreement with federal prosecutors.
The hedge fund formally agreed yesterday morning to plead guilty to securities and wire fraud charges. As part of the deal, SAC stipulated that it "has accepted this agreement and decided to plead guilty because it is in fact guilty. By entering this plea of guilty, each of the SAC entity defendants waives any and all rights to withdraw its plea or to attack its conviction, either on direct appeal or collaterally."
Despite that agreement, SAC's own statement to the press following the inking of the deal insisted that the firm "has never encouraged, promoted or tolerated insider trading." That claim could be seen as a violation of its plea deal.
Hours later, the hedge fund issued a second statement in which the offending line was deleted. "Even one person crossing the line into illegal behavior is one too many and we greatly regret this conduct occurred," the firm said in the new statement.
SAC agreed to pay $1.8 billion—minus the $616 million it paid earlier this year—and to shut down its investment-advisory business as part of the plea agreement. The firm will also hire a compliance monitor.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...