{"id":41536,"date":"2014-04-11T08:41:29","date_gmt":"2014-04-11T12:41:29","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=41536"},"modified":"2014-04-11T08:54:41","modified_gmt":"2014-04-11T12:54:41","slug":"court-approves-1-2-billion-settlement-in-hedge-fund-giant-sac-capital","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/04\/2014\/court-approves-1-2-billion-settlement-in-hedge-fund-giant-sac-capital.html","title":{"rendered":"Court Approves $1.8 Billion Settlement In SAC Hedge Fund Case"},"content":{"rendered":"

\"sacfraud\"<\/a>New York (Hedge Co.Net) -Steven A Cohen’s hedge fund\u00a0SAC Capital Advisors has received court approval on a record criminal settlement for insider trading on Thursday, as a US judge accepted a guilty plea from the hedge fund firm.<\/p>\n

CBS reports: “U.S. District Judge Laura Taylor Swain formally administered the sentence on\u00a0Stamford, Conn.-based SAC Capital LP\u00a0and three related entities based on pleas made by a lawyer for the companies last fall to wire fraud and securities fraud.”<\/p>\n

“These crimes clearly were motivated by greed, and these breaches of the public trust require serious penalties,” Swain said. “The defendants’ crimes were striking in their magnitude and strikingly indicative of a lack of respect for the law.”<\/p>\n

The SAC companies will pay a $1.8 billion, a $900 million fine in the criminal case and $900 million in the forfeiture action. Because the SAC companies have already agreed to pay $616 million to the SEC to resolve related civil insider trading charges, the additional payment required under this agreement will be approximately $1.2 billion. The SAC companies also agreed that they cannot claim any tax deduction or credit for money paid in resolving the criminal case.<\/p>\n

Cohen’s hedge fund is also trying to put the\u00a0past behind them<\/a>\u00a0with a name change.<\/p>\n

“In the aftermath of our settlement with the government, Steve and senior management considered whether our path forward as a family office would be simpler if we operated with new legal entities and new names,” President\u00a0Thomas Conheeney\u00a0said in a memo to employees.\u00a0The new name refers to the address of SAC’s headquarters at 72 Cummings Point Road in\u00a0Stamford.<\/p>\n

\u201cThe name emphasizes we point to a successful future that rests on the exacting analyses of the companies, sectors and verticals by Point72\u2019s portfolio managers and analysts,\u201d Conheeney said. \u201cWe have selected strong new names that reflect our heritage or signal something important about our businesses.\u201d<\/p>\n

Alex Akesson
\nEditor for\u00a0HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a>\u00a0is a premier\u00a0hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (Hedge Co.Net) -Steven A Cohen’s hedge fund\u00a0SAC Capital Advisors has received court approval on a record criminal settlement for insider trading on Thursday, as a US judge accepted a guilty plea from the hedge fund firm. CBS reports: […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-41536","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/41536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=41536"}],"version-history":[{"count":8,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/41536\/revisions"}],"predecessor-version":[{"id":41544,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/41536\/revisions\/41544"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=41536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=41536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=41536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}