Arab Today, arab today hedge fund giant sac capital to pay 18bn financial fine
Last Updated : GMT 06:37:29
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Hedge fund giant SAC capital to pay $1.8bn financial fine

Arab Today, arab today

Arab Today, arab today Hedge fund giant SAC capital to pay $1.8bn financial fine

Beijing - XINHUA

SAC Capital Advisers, the world’s most successful hedge fund,has agreed to plead guilty for insider trading to fraud charges and to pay a 1.8 billion dollar financial fine. The U.S. government said Monday in a letter to judges presiding over Manhattan cases that the "proposed global resolution" of the criminal and civil cases against SAC Capital Advisers and related companies also includes an agreement that SAC will cease operating as an investment adviser and will not accept any additional funds from third-party investors. It believed the financial penalty for this case is the largest in history for insider trading offenses. SAC needs to pay a 900 million dollar fine and forfeit another 900 million dollars to the U.S. federal government and is also forced to end its investment advisory business. “What has happened today is a very substantial thing. The just and appropriate price, in our view, for the conduct that occurred here.”Manhattan U.S. Attorney Preet Bharara said at a news conference.

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