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 SAC Capital hit with criminal charges 
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Post SAC Capital hit with criminal charges
By James O'Toole @jtotoole July 25, 2013: 10:16 AM ET

In a move that could deal a death blow to one of the country's largest hedge funds, federal prosecutors announced criminal insider trading charges Thursday against SAC Capital, the firm run by billionaire investor Steven Cohen.

The indictment charges that the hedge fund was guilty of both "unlawful conduct by individual employees and an institutional indifference to that unlawful conduct."

The government alleges a pattern of insider trading that was "substantial, pervasive and on a scale without known precedent in the hedge fund industry."

SAC Capital did not immediately reply to CNNMoney's requests for comment.

The indictment charges that the insider trading started in 1999. and that the firm hired research analysts and money managers specifically because they possessed insider information. It says the insider trading resulted in "hundreds of millions" of dollars of illegal profits and "avoided losses" for the hedge fund.

The indictment follows a wide-ranging investigation that has already implicated more than half-a-dozen current or former SAC employees.

Cohen himself has not been charged criminally, though the Securities and Exchange Commission announced civil charges against him last week, accusing him of failing to supervise employees who engaged in insider trading.

Investigators have been circling Cohen and SAC for years. The firm agreed in March to pay the SEC roughly $615 million in connection with alleged insider trading by employees including two portfolio managers, Mathew Martoma and Michael Steinberg.


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The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little. - FDR

Thu Jul 25, 2013 7:33 am
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Post Re: SAC Capital hit with criminal charges
When the wealthy get wealthier the unwealthy starve to death and Now the dirty money grubbers have been caught out!

Let's burn them on a stake! :flame :boom:

Or we could get them and Tie them all up, Put them on an Oil tanker float it out to sea and NUKE their A$$ES!


Fri Jul 26, 2013 2:27 pm
Profile YIM
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Post Re: SAC Capital hit with criminal charges
No need to Nuke them freak we can just sink the ship once we drain it of all fluids, these greedy buggers are already damaging our planet up so we don't need to add to their screw-ups!

Image Please Obey the Golden Rules viewtopic.php?f=31&t=3563&p=40912#p40912

Fri Aug 09, 2013 4:52 pm
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