SACKED
The Fallout From SAC
The Fallout From SAC
by Filipa Ioannou Jul 25, 2013
Seth Wenig/AP
SAC Capital, the giant hedge fund, faces an existential threat after its indictment. But the economic impact of its legal saga extends far beyond its Stamford, Connecticut, headquarters.
SAC Capital, the hedge fund controlled by billionaire Steven A. Cohen, was indicted Thursday for securities fraud and wire fraud. The blow from the feds was the latest in a string of legal assaults the hedge fund has faced; in March, the firm paid $616 million to settle two insider trading suits brought by the SEC, a record insider-trading fine. But the government isn’t through with SAC yet. It is pursuing forfeiture of about $10 billion, The Wall Street Journal reported.
SAC Capital, the giant hedge fund, faces an existential threat after its indictment. But the economic impact of its legal saga extends far beyond its Stamford, Connecticut, headquarters.
SAC Capital, the hedge fund controlled by billionaire Steven A. Cohen, was indicted Thursday for securities fraud and wire fraud. The blow from the feds was the latest in a string of legal assaults the hedge fund has faced; in March, the firm paid $616 million to settle two insider trading suits brought by the SEC, a record insider-trading fine. But the government isn’t through with SAC yet. It is pursuing forfeiture of about $10 billion, The Wall Street Journal reported.
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