Feds Back SAC's Cohen Into Corner With $1.2B Plea Deal

Law360, New York (November 4, 2013, 9:09 PM EST) -- SAC Capital Advisors LP’s landmark $1.2 billion insider trading settlement and guilty plea on Monday could haunt hedge fund owner Steven A. Cohen, undercutting his legal defenses in a criminal investigation and a civil case alleging he failed to properly supervise traders, attorneys say.

Prosecutors said SAC would plead guilty to all five counts of securities fraud and wire fraud detailed in a July 25 indictment. The Stamford, Conn.-based hedge fund has also agreed to shutter its investment advisory business, meaning it can no longer manage...
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