SAC Capital Advisors LP money manager Michael Steinberg lost a bid to delay his insider- trading case, leaving him to face a jury next week in the first of two upcoming trials tied to the hedge fund run by Steven A. Cohen.
Billionaire Steven A. Cohen’s SAC Capital Advisors LP, the hedge fund accused of fostering a culture of rampant insider trading, has agreed to plead guilty Nov. 8 to securities fraud and wire fraud, pay a record $1.8 billion and shutter its investment advisory business.
SAC Capital Advisors LP will plead guilty to securities fraud as soon as today, the biggest hedge- fund firm to resolve charges in the U.S. government’s six-year crackdown on insider trading, according to a person familiar with the matter.
Galleon Group LLC’s Raj Rajaratnam will be sentenced today for masterminding the biggest hedge-fund insider trading scheme in U.S. history, facing a federal judge who has broad discretion in setting his punishment.
Fabrice Tourre, the former Goldman Sachs Group Inc. vice president found liable for his role in a failed $1 billion investment, may have lost his case because jurors rejected his defense that as a junior employee he wasn’t primarily responsible for the transaction.
A convicted SAC Capital Advisors LP analyst at the center of a federal criminal probe of insider trading passed inside information to SAC fund manager Gabriel Plotkin, according to internal e-mails and two people familiar with the matter.