SAC Capital

News & Analysis as of

The Second Circuit And The Separation Of Powers: Limiting Judicial Scrutiny Of SEC Settlements

On June 4, 2014, a three-judge panel of the Second Circuit Court of Appeals vacated a widely publicized 2011 decision by U.S. District Judge Jed Rakoff, which rejected a settlement between the U.S. Securities and Exchange...more

This Week In Securities Litigation (Week ending April 11, 2014)

Former hedge fund giant SAC Capital was sentenced this week. This concluded one of the most prominent insider trading cases. Under the terms of the sentence SAC Capital will no longer accept public funds....more

S.D.N.Y. Prosecutors Get Martoma, but Probably No Closer to Steve Cohen

Lst Thursday, a jury in the Southern District of New York convicted Mathew Martoma in what is in dollar terms the largest insider trading case in captivity. As we’ve discussed before, Martoma had been accused of paying a...more

SEC Collects Record $3.4 Billion in 2013 Enforcement Actions

The Securities and Exchange Commission (SEC) announced that it levied a record $3.4 billion in sanctions in its fiscal year 2013 ending September 30, 2013. This is an increase of 10% from the previous year, augmented by a...more

This Week In Securities Litigation (The week ending January 10, 2014)

The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more

Jury Convicts Former Hedge-Fund Manager of Insider Trading

After deliberating for just a single day on December 18, a federal jury found Michael Steinberg, a former SAC Capital portfolio manager, guilty on one count of conspiracy and four counts of insider trading. This case marked...more

Insider Trading And Conscious Avoidance: Handling The Government's Most Powerful Prosecutorial Tool

The recent conviction of Michael Steinberg, a former senior trader at SAC, highlights the power of the government to obtain a conviction when armed with the ability to have a jury charged on a conscious avoidance theory of...more

SAC Capital, Insider Trading and the Southern District

It would be old news already if the case had not garnered so many superlatives. One of the country’s most famous hedge fund managers. The largest insider trading investigation in history. The biggest fine ever, $1.8...more

SAC Pleads Guilty To Five Counts Of Securities Fraud; Agrees To Pay Largest Fine In History for Insider Trading Offenses

SAC Capital Advisors pleaded guilty last Friday to securities fraud claims brought by the U.S. Attorney in Manhattan. If approved, the deal would require SAC to pay a $1.2 billion penalty, including a $900 million criminal...more

SAC Insider Trading Case May Hit Closer to Home than You Think

This week’s announcement that SAC Capital Advisors will pay a record-breaking penalty of $1.8 billion (USD) for insider trading violations may not have been a surprise to anyone following the case - after all, the hedge...more

Criminal Forfeiture and SAC Capital

As you probably know, federal prosecutors indicted SAC Capital Advisors LP and a number of related entities last Thursday on wire fraud and securities fraud charges connected to its alleged insider trading over the last five...more

Record SEC Settlement In S.A.C. Capital Investigation. Well….Kind Of

On April 16, 2013, Judge Victor Marrero conditionally approved a $600 million consent judgment between the SEC and CR Intrinsic Investors LLC (“CR”) where CR “neither admitted nor denied” the allegations brought against it....more

Insider Trading Enforcement And Deterrence

It is hard to know whether the government’s aggressive enforcement of insider trading laws deters criminals from violating securities laws. One key factor in this equation is the risk of getting caught. The Obama...more

Credit Crunch Digest -- December 2012

This issue of the Credit Crunch Digest focuses on lawsuits involving developments into Libor rate-fixing lawsuits and investigations; JP Morgan Chase & Co.; a $210 million settlement reached with investors in Madoff funds; a...more

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