Tuesday, 26 May 2015
Last updated 3 days ago
Nov 6 2013 | 2:11pm ET
SAC Capital Advisors will plead guilty to insider-trading charges on Friday, pending the approval of a federal judge.
U.S. District Judge Laura Taylor Swain will hold a hearing on the $1.8 billion settlement agreement on Friday afternoon. If she rejects the pact, SAC will be permitted to withdraw its guilty plea on securities and wire fraud charges.
This morning, the plea deal cleared its first hurdle, when U.S. District Judge Richard Sullivan signed off on the $900 million civil forfeiture portion of the deal. After signaling yesterday he might strictly scrutinize the agreement, Sullivan punted to Swain, saying that his opinion "is not really relevant today" and that he expected Swain to perform "a more searching inquiry."
Under the terms of Monday's plea agreement with prosecutors, SAC will be barred from managing outside capital and will have to hire a compliance monitor. The $1.8 billion forfeiture and fine will be reduced by the $616 million the hedge fund agreed to pay earlier this year, and SAC will be permitted to walk away from the deal if Swain doesn't accept it as is.
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…