SAC Capital to Pay $1.8 Billion for Insider Trading

Part of a plea deal

The giant hedge fund SAC Capital capitulated to federal prosecutors in a plea deal announced Monday, agreeing to plead guilty to every count of an insider-trading indictment issued in July, pay $1.8 billion in fines, and close its investment advisory business.

The proposed deal, which must receive court approval, was disclosed in a letter from Preet Bharara, U.S. attorney for the Southern District of New York, to two judges overseeing the case. The agreement does not contain measures to limit how SAC principal Steven A. Cohen may continue to manage his personal fortune, estimated at $8 billion.

The U.S. attorney's office released documents detailing the agreement ahead of a scheduled 1 p.m. press conference to discuss it.

Comments

[plumbertom]

Who goes to jail?
How many small investors lost because of this criminal act and how will they be compensated?
But the guy that made $8 billion? He walks away with it.
I have to wonder how much he paid Eric Holder?

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