Arab Today, arab today us judge okays 18 bn sac insidertrading settlement
Last Updated : GMT 14:24:52
Arab Today, arab today
Arab Today, arab today

US judge okays $1.8 bn SAC insider-trading settlement

Arab Today, arab today

Arab Today, arab today US judge okays $1.8 bn SAC insider-trading settlement

New York - AFP

A federal judge Thursday approved an agreement between US criminal prosecutors and SAC Capital to settle charges of insider trading in exchange for $1.8 billion in penalties. Under the settlement, SAC pleaded guilty to criminal charges of insider trading and agreed to cease operations as an investment advisor. US District Judge Laura Taylor Swain approved the settlement at a hearing Thursday morning. "Today marks the day of reckoning for a fund that was riddled with criminal conduct," said US Attorney Preet Bharara in a statement. "SAC fostered pervasive insider trading and failed, as a company, to question or prevent it." "Today's sentence affirms that when institutions flout the law in such a colossal way, they will pay a heavy price." Approval of the agreement closes a chapter in the government's years-long quest to crack down on SAC, once one of the biggest hedge funds on Wall Street, but a firm that Bharara called a "magnet for cheaters." The firm's founder Stephen A. Cohen has renamed the company Point72 Asset Management. It will be run as a so-called "family office" to oversee Cohen's personal fortune, estimated at $9-10 billion. Government prosecutors alleged an "institutional" culture of corruption at SAC that encouraged insider trading. Prosecutors won convictions of eight former SAC employees, six of whom entered guilty pleas and two of whom were found guilty by juries in high-profile New York trials. However, the government, despite years of investigation, has not criminally charged Cohen. Cohen faces a separate civil case with the US Securities and Exchange Commission, which has alleged he failed to adequately manage employees.   The SEC has said possible penalties include a financial fine and a bar from future securities trading. Bharara called the settlement "an appropriate punishment for the criminal conduct at SAC Capital," according to an April 3 court filing. The deal "provides a strong message of deterrence to other institutions which may be engaging in illegal insider trading or failing to institute procedures designed to identify and prevent insider trading by its employees," Bharara said in the filing.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us judge okays 18 bn sac insidertrading settlement Arab Today, arab today us judge okays 18 bn sac insidertrading settlement

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday