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You are here News Economy Judge says will accept SAC Capital guilty plea

Judge says will accept SAC Capital guilty plea

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SAC guilty pleaA federal judge agreed to accept SAC Capital Advisors' guilty plea to fraud charges in the U.S. government's insider trading case against the hedge fund firm controlled by billionaire Steven A. Cohen.

U.S. District Judge Laura Taylor Swain said she will accept the plea at a Thursday hearing in Manhattan federal court.  She is also expected to decide at the hearing whether to accept SAC Capital's agreement to pay a $900 million fine in its settlement with the U.S. Department of Justice, as part of an overall $1.8 billion payout to resolve criminal and civil litigation.

Prosecutors have called the deal the largest insider trading settlement in U.S. history, in a case that resulted in a rare guilty plea by a large company.

The sentencing marks the end of an era for SAC Capital, a hedge fund that last year managed $15 billion but found itself in federal investigators' cross-hairs. Eight employees have pleaded guilty or been convicted at trial for insider trading.

TVNL Comment:  Tens of thousands of people are in prison for drug use, a crime that hurts only themselves.  Still, crimes that brought the nation and the world to financial ruin can be 'settled' by a fine.

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