SAC Capital To Plead Guilty To Insider Trading, Pay $1.2B

Law360, New York (November 4, 2013, 10:58 AM EST) -- SAC Capital Advisors LP has agreed to plead guilty to criminal fraud charges and pay $1.2 billion to settle allegations of rampant insider trading at the once-proud hedge fund, U.S. officials said Monday.

SAC and several of its subsidiaries will admit to securities fraud and wire fraud charges detailed in a July 25 indictment, New York federal prosecutors announced. Stamford, Conn.-based SAC has also agreed to terminate its investment advisory business, meaning it can no longer manage outside money, prosecutors said. The hedge fund previously reached...
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