NEW YORK (Reuters) - Steven A. Cohen's embattled hedge fund SAC Capital Advisors will plead guilty in federal court and pay more than $1 billion to settle charges stemming from an expansive insider trading investigation that lasted more than five years, sources familiar with the matter said on Monday.
U.S. prosecutors in July charged the hedge fund, which managed as much as $14 billion this year before investors began withdrawing money, with presiding over a culture in which employees flouted the law and were encouraged to tap their personal networks for inside information about publicly traded companies.
Prosecutors said in an announcement on Monday that the two sides had reached a settlement agreement which, if approved by a judge, would also resolve a civil forfeiture action against SAC and its affiliates.
U.S. Attorney Preet Bharara will appear alongside April Brooks, who is in charge of the Federal Bureau of Investigation's criminal division in New York, at a press conference at 1 p.m. EST (1900 GMT) to discuss the deal, the sources said.
(Reporting by Emily Flitter; Editing by Gerald E. McCormick)
Crime & JusticeSociety & CultureSAC Capital Advisorsinsider tradinghttp://news.yahoo.com/sac-capital-u-announce-1-2-billion-settlement-123229639--sector.html
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