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BUSINESS
July 24, 2013 | By Andrew Tangel
NEW YORK -- A prosecution of SAC Capital Advisors would not only imperil the major hedge fund, but it would also signal a tougher government stance toward Wall Street. According to news reports, federal prosecutors in Manhattan are close to filing criminal charges against SAC Capital, a Connecticut-based firm known known for its remarkable returns and, recently, as the focus of the government's years-long crackdown on insider trading. The U.S. Justice Department has been weary of bringing criminal cases against corporations in recent years, mindful that prosecution led to the death of Arthur Andersen, Enron's accounting firm.
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BUSINESS
November 8, 2013 | Times wire services
SAC Capital Advisors pleaded guilty to criminal fraud charges Friday, satisfying a deal with the government that requires the Connecticut 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 came in U.S. District Court in New York four days after the government announced that the once-influential hedge fund owned by billionaire Steven A. Cohen had reached the deal that also required it to shut down its operations to outside investors.
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BUSINESS
July 25, 2013 | By Andrew Tangel
NEW YORK - Like nobody else, Steven A. Cohen conquered Wall Street. The boy from blue-collar Long Island built one of the era's most legendary investment firms, helping him amass a personal fortune of $9 billion. He lives a lavish life even by billionaire standards. His 35,000-square-foot Connecticut mansion has an ice skating rink with a Zamboni machine, and his other home in the Hamptons has an oceanfront view. Video: Indictment announced His vast art collection includes a $150-million Picasso.
OPINION
July 30, 2013 | By Paul H. Robinson
The U.S. attorney in Manhattan last week announced the criminal indictment of hedge fund SAC Capital Advisors. Some may wonder what is to be gained by the effort and expense. Unlike the case of hedge fund mogul Raj Rajaratnam, who went to prison in 2011 after his conviction for insider trading, here there is no body to jail. And the fine that might be imposed could be obtained more easily in a civil suit, where the standard of proof is lower. Indeed, the cost of the criminal prosecution may be duplicative since civil suits have been won for some of the illegal transactions, and more are in the works.
BUSINESS
November 21, 2012 | By Andrew Tangel and Walter Hamilton, Los Angeles Times
NEW YORK - After building a huge stake in two drug companies, hedge fund manager Mathew Martoma told his powerful boss on a Sunday morning that they had to immediately dump their position. It was an unusual request even by the outsized standards of Wall Street, but the hedge fund quietly liquidated its $700-million position within days. Federal authorities suggested Tuesday why Martoma was in such a hurry back in 2008 - he'd allegedly gotten an illegal tip about big problems with the companies' developmental Alzheimer's drug.
BUSINESS
November 8, 2013 | Times wire services
SAC Capital Advisors pleaded guilty to criminal fraud charges Friday, satisfying a deal with the government that requires the Connecticut 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 came in U.S. District Court in New York four days after the government announced that the once-influential hedge fund owned by billionaire Steven A. Cohen had reached the deal that also required it to shut down its operations to outside investors.
BUSINESS
November 26, 2012 | By Andrew Tangel
NEW YORK -- A former hedge fund manager will remain free while he decides whether to cooperate with the government or fight what prosecutors have called the biggest-ever insider-trading case. A federal judge in Manhattan allowed Mathew Martoma, who managed a portfolio for a unit of hedge-fund giant SAC Capital Advisors, to remain free on a $5-million bond Monday while the case continues.  Federal prosecutors last week accused Martoma, 38, of illegally trading on secret information he received from a doctor overseeing key tests for a drug under development to treat Alzheimer's disease.
BUSINESS
March 15, 2013 | By Andrew Tangel
NEW YORK -- One of the country's biggest hedge funds has agreed to pay more than $600 million to settle a civil insider-trading case in what the Securities and Exchange Commission said was its largest settlement involving such corruption on Wall Street. CR Intrinsic Investors, a unit of the Connecticut-based giant SAC Capital Advisors, agreed to pay the penalties in a case stemming from trades involving an Alzheimer's treatment under development by two drug companies. Friday's settlement involves SAC Capital and four other funds managed by CR Intrinsic and SAC. The settlement does not resolve the SEC's case against Mathew Martoma, a CR Intrinsic fund manager whom the agency also sued in November.
BUSINESS
April 4, 2013 | By Andrew Tangel
NEW YORK -- Despite the federal government's crackdown on insider trading on Wall Street, many who work at hedge funds still feel pressure to break the law or compromise their ethics, according to a new survey. The survey -- commissioned by an industry group, publication and law firm -- found that 35% of respondents said they felt pressure by their compensation plan to break the rules. A quarter of respondents cited other pressures. QUIZ: How much do you know about the stock market?
OPINION
July 30, 2013 | By Paul H. Robinson
The U.S. attorney in Manhattan last week announced the criminal indictment of hedge fund SAC Capital Advisors. Some may wonder what is to be gained by the effort and expense. Unlike the case of hedge fund mogul Raj Rajaratnam, who went to prison in 2011 after his conviction for insider trading, here there is no body to jail. And the fine that might be imposed could be obtained more easily in a civil suit, where the standard of proof is lower. Indeed, the cost of the criminal prosecution may be duplicative since civil suits have been won for some of the illegal transactions, and more are in the works.
BUSINESS
July 25, 2013 | By Andrew Tangel
NEW YORK - Like nobody else, Steven A. Cohen conquered Wall Street. The boy from blue-collar Long Island built one of the era's most legendary investment firms, helping him amass a personal fortune of $9 billion. He lives a lavish life even by billionaire standards. His 35,000-square-foot Connecticut mansion has an ice skating rink with a Zamboni machine, and his other home in the Hamptons has an oceanfront view. Video: Indictment announced His vast art collection includes a $150-million Picasso.
BUSINESS
July 25, 2013 | By Andrew Tangel
NEW YORK -- The federal government has launched a rare criminal prosecution of a major Wall Street firm: SAC Capital Advisors, a hedge-fund operator that investigators have long suspected of illegally trading on inside information. U.S. Atty. Preet Bharara, the top federal prosecutor in Manhattan, announced the grand jury's indictment of SAC Capital on Thursday. The indictment, which names SAC Capital and related entities, alleges one count of wire fraud and four counts of securities fraud.
BUSINESS
July 24, 2013 | By Andrew Tangel
NEW YORK -- A prosecution of SAC Capital Advisors would not only imperil the major hedge fund, but it would also signal a tougher government stance toward Wall Street. According to news reports, federal prosecutors in Manhattan are close to filing criminal charges against SAC Capital, a Connecticut-based firm known known for its remarkable returns and, recently, as the focus of the government's years-long crackdown on insider trading. The U.S. Justice Department has been weary of bringing criminal cases against corporations in recent years, mindful that prosecution led to the death of Arthur Andersen, Enron's accounting firm.
BUSINESS
April 4, 2013 | By Andrew Tangel
NEW YORK -- Despite the federal government's crackdown on insider trading on Wall Street, many who work at hedge funds still feel pressure to break the law or compromise their ethics, according to a new survey. The survey -- commissioned by an industry group, publication and law firm -- found that 35% of respondents said they felt pressure by their compensation plan to break the rules. A quarter of respondents cited other pressures. QUIZ: How much do you know about the stock market?
BUSINESS
March 29, 2013 | By Andrew Tangel
In another sign of the government's intense focus on illicit trading on Wall Street, the FBI early Friday arrested a longtime SAC Capital Advisors portfolio manager on insider-trading charges.  Federal agents took Michael Steinberg into custody at his residence on Manhattan's Upper East Side, an FBI spokesman said. More information about the charges was to be released later in the day. Steinberg, 40, who has worked at the firm since 1997, would reportedly be the most senior of the hedge fund's employees to face charges in the government's wide-ranging investigation into insider trading.
BUSINESS
March 15, 2013 | By Andrew Tangel
NEW YORK -- One of the country's biggest hedge funds has agreed to pay more than $600 million to settle a civil insider-trading case in what the Securities and Exchange Commission said was its largest settlement involving such corruption on Wall Street. CR Intrinsic Investors, a unit of the Connecticut-based giant SAC Capital Advisors, agreed to pay the penalties in a case stemming from trades involving an Alzheimer's treatment under development by two drug companies. Friday's settlement involves SAC Capital and four other funds managed by CR Intrinsic and SAC. The settlement does not resolve the SEC's case against Mathew Martoma, a CR Intrinsic fund manager whom the agency also sued in November.
BUSINESS
July 25, 2013 | By Andrew Tangel
NEW YORK -- The federal government has launched a rare criminal prosecution of a major Wall Street firm: SAC Capital Advisors, a hedge-fund operator that investigators have long suspected of illegally trading on inside information. U.S. Atty. Preet Bharara, the top federal prosecutor in Manhattan, announced the grand jury's indictment of SAC Capital on Thursday. The indictment, which names SAC Capital and related entities, alleges one count of wire fraud and four counts of securities fraud.
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