New York City (AFP) - Giant hedge fund SAC Capital has agreed to plead guilty to criminal charges of insider trading and pay $1.8 billion to settle them, the US Attorney's office announced Monday.
SAC, run by multi-billionaire Steven A. Cohen, also agreed to give up its investment advisory business altogether, the US Attorney said in a statement on Twitter.
The Justice Department filed a criminal indictment in July alleging SAC ran a broad system of insider trading in which analysts were recruited for their access to company insiders and encouraged to trade for profit at all costs.
The trades involved trading stocks of technology, pharmaceutical and other companies based on insider information, netting SAC hundreds of millions of dollars in illegal profits and avoided losses.
Six former SAC employees have pleaded guilty to insider trading, and in March SAC agreed to pay more than $614 million to settle civil insider trading charges.
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Crime & JusticeSociety & Cultureinsider tradingSAC Capitalhttp://news.yahoo.com/sac-pay-1-8-bn-insider-trading-us-160338450.html
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