Saturday, 27 July 2013 08:24
'SAC Capital Advisors, one of Wall Street’s largest and most successful hedge funds, was indicted Thursday on potentially crippling charges it played a major role in the largest insider trading scheme the industry has ever seen.
The charges by the Securities and Exchange Commission accuse the Stamford, Connecticut-based fund with wire fraud and four counts of securities fraud that amount to ‘hundreds of millions’ made illegally over a decade, according to the filing.
Papers filed in Manhattan federal court are seeking forfeiture of ‘any and all’ assets still owned by the company started by billionaire Steven Cohen and that once managed $15 billion.'
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