Monday, July 29, 2013
Submitted by: Tracey Hawkins

SAC Capital Finally Indicted For Fraud

[DealBook] Federal authorities, under fire for handling Wall Street with kid gloves, have delivered a crippling blow to one of its most successful firms, SAC Capital Advisors, whose outsize trading profits have drawn government scrutiny for more than a decade.

[DealBook] Calling SAC “a veritable magnet of market cheaters,” federal prosecutors announced criminal charges against the hedge fund on Thursday, a rare move against a large company that could threaten its survival. The authorities argued that the firm and its units permitted a “systematic” insider trading scheme to unfold from 1999 to 2010, activity that generated hundreds of millions of dollars in profit for the firm, owned by its founder, the billionaire stock picker Steven A. Cohen.

Posted by Editor on 07/29/13 at 10:30 AM •  (0) Comments

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