Hedge fund pleads guilty

Print
Font Size:
Default font size
Larger font size

Posted: Saturday, November 9, 2013 12:00 am

NEW YORK (AP) — SAC Capital Advisors pleaded guilty to criminal fraud charges Friday, satisfying a deal with the government that requires the Connecticut-based hedge fund to pay a record $1.8 billion to settle charges that it allowed, if not encouraged, insider trading to occur for more than a decade.

The plea by the hedge fund owned by billionaire Steven A. Cohen came in U.S. District Court in Manhattan. Judge Laura Taylor Swain did not immediately accept the plea, saying she’d wait until a probation report is made and other papers are submitted. She set a sentencing date for March 14, assuming she accepts the plea.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


SPOTLIGHT »

Inside Business
To submit an announcement for "Inside Business", click here. For questions call (402) 444-1371 or e-mail announcements@owh.com.

World-Herald Alerts

Want to get World-Herald stories sent directly to your home or work computer? Sign up for Omaha.com's News Alerts and you will receive e-mails with the day's top stories.