Friday, 30 January 2015
Last updated 2 hours ago
Jul 11 2014 | 6:22am ET
The former SAC Capital Advisors had 90 days to pay a $900 million criminal penalty for insider trading—and the firm took every single one.
The rechristened Point72 Asset Management made the payment in four instalments Tuesday, exactly 90 days after the judge that accepted its guilty plea gave it that window. Point72 is now a family office managing founder Steven Cohen’s wealth, as part of its settlement with prosecutors bars it from managing outside capital.
Another part of its November deal gave it three times longer than usual to pay its fine. That gave Point72 an extra two months to invest the money.
Point72 still owes about $300 million in forfeitures, which is expected to be paid next month.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…